Multimillionaire north-east businessman Martin Gilbert has cashed in shares worth more than £6million just in time for Christmas.
The Aberdeen Asset Management (AAM) chief executive sold more than 1.3million units of stock – each worth 461.1p – on Tuesday, the investment giant announced yesterday.
Mr Gilbert, who once sold AAM shares worth more than £700,000 to fund his purchase of an exclusive stretch of the River Dee to fish for salmon, was not available to talk about any new spending plans yesterday.
A spokesman for the company said: “The sales involve deferred shares awarded to executive directors in previous years as part of their remuneration packages.
“A significant proportion of bonuses earned are paid in shares that are released in equal tranches over subsequent years.
“Directors therefore may choose to sell some of the shares they have accrued from time to time.”
AAM said Mr Gibert’s sell-off involved stock awarded under its deferred share award plan as part of his annual bonuses for 2008, 2009 and 2010.
It leaves him currently owning 183,865 units of stock, or 0.01% of the company’s total issued share capital.
But he also has an unconditional entitlement to an additional 3million-plus ordinary shares in respect of awards made as part of the company’s deferred bonus arrangements in 2009, 2010, 2011, 2012 and 2013 which have reached their earliest vesting dates.
He is also eligible for a further 701,785 ordinary shares as part of the company’s 2014 annual bonus programme.
AAM deputy chief executive Andrew Laing has just sold 173,589 units of deferred share award stock for a total of more than £800,000.
On the same day, Tuesday, finance director Bill Rattray cashed in 242,094 shares worth a total of more than £1.1million and chief investment officer gained £1.76million by selling 382,138 units of stock.
Hugh Young, managing director Asia and group head of equities, is about £3.8million better off after selling 904,126 shares.
The AAM executives are selling stock on the back of a 20% rally in the firm’s share price since the start of October.
Earlier this week, the Scottish Open golf tournament sponsor reported a “transformational” performance by its Scottish Widows Investment Partnership (Swip) acquisition and raised hopes of a share buyback – sending its stock to a near 11-month high.
Statutory pre-tax profits across the group fell by more than £35million to £354.6million during the year to September 30, hit by £60million of costs related to the Swip acquisition.
But underlying profits grew by 2% to £490.3million, from £482.7million previously, as net revenue jumped by 4% to £1.12billion. Assets under management rocketed by 62% to £324.4billion.