Euromoney chiefs beat fall in shares
Sunday 08 October 1995
The news comes just days after the company shocked the City with a profits warning that sent the shares crashing 312p to 1,083p, wiping pounds 68m off the company's stock market value.
Euromoney, in which the Daily Mail & General Trust has a 70 per cent stake, said it expects profits for the year to the end of September 1995 to be around a quarter below the previous year's pounds 24m - about pounds 10m below analysts' expectations.
The windfall from previous share transactions is particularly welcome for directors, who now face substantial pay cuts because their remuneration is largely linked to profits growth.
In the largest single share transaction, in January, executive chairman Padraic Fallon made a profit of almost pounds 1.3m. He exercised options over 176,190 shares at 171p and immediately sold 97,264 of them for pounds 16.43. Five other directors also made handsome gains by cashing in share options.
Selling by directors resumed in May, a week after Euromoney published a downbeat interim statement. One of five executives to offload stock in this period was Sir Patrick Sergeant, joint president of Euromoney, who scooped almost pounds 336,000 when he sold 24,295 shares at pounds 13.82.
Referring to the January share dealings, managing director Richard Ensor, who himself made pounds 816,000 from one sale, said directors had had "no choice" but to exercise their options as a 10-year scheme started in December 1985 approached maturity. He added that directors were entitled to take some profits after 10 years' service, but that no director involved in the scheme had sold all his shares.
It is not the first time Euromoney has featured in the controversy about boardroom pay and perks. In 1993, Mr Fallon's pay rose by 35 per cent to pounds 1,391,946 under a performance-related scheme.
Director Date sale was Shares Price
Neil Osborn June 28, 1995 1,000 1403p
Daniel Cohen June 19, 1995 2,300 1400p
Gerald Strahan June 19, 1995 1,000 1400p
Chris Brown June 5, 1995 4,405 1385p
Sir Patrick Sergeant May 24, 1995 24,295 1382p
Richard Ensor Jan 27, 1995 58,845 1643p
Padraic Fallon Jan 27, 1995 97,264 1643p
Daniel Cohen Jan 27, 1995 2,300 1643p
Gerald Strahan Jan 27, 1995 4,405 1643p
Chris Brown Jan 27, 1995 3,000 1643p
Neil Osborn Jan 27, 1995 4,409 1643p
Sources: Directus, FT Profile, FT Extel
- 1 Katie Hopkins attacked me on Twitter — so I reported her to the police for inciting racial hatred
- 2 I might be an MP, but that doesn't stop me fighting sexism with my breasts
- 3 Martha Stewart accuses Snoop Dogg of 'smoking for four hours' during Justin Bieber Roast
- 4 Google April Fools': company unveils backwards search engine and huggable digital assistant
- 5 April Fools' Day 2015: The best hoax news stories from around the internet
Martha Stewart accuses Snoop Dogg of 'smoking for four hours' during Justin Bieber Roast
April Fools' Day 2015: The best hoax news stories from around the internet
April Fools' Day 2015 live: The best pranks and fake stories from around the world
University of Cambridge: Remains of 1,300 scholars are found under building
Turkey power cut: Prime Minister says nationwide blackout could be caused by terrorists
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
Street preacher quoting from the Bible fined for calling homosexuality an 'abomination'
Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
Katie Hopkins attacked me on Twitter — so I reported her to the police for inciting racial hatred
The West has it totally wrong on Lee Kuan Yew
David Cameron calls Labour 'hopeless, sneering socialists' while announcing 7-day NHS plans
iJobs Money & Business
£20000 per annum + commission: SThree: Sthree have an exciting opportunity for...
£18000 - £32000 per annum: Recruitment Genius: A Telesales Executive is requir...
£45000 - £50000 per annum + benefits : Ashdown Group: A highly successful, glo...
£50,000 - £55,000: Neil Pavier: Are you a professionally qualified commercial ...