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29-08-12, 13:56
http://www.businesstimes.com.sg/archive/wednesday/premium/companies/others/starhub-ceo-halves-telco-stake-property-buy-20120822
Published August 22, 2012
StarHub CEO halves telco stake for property buy
By Joyce Hooi
STARHUB'S Neil Montefiore sold down half his stake in the telco yesterday to free up cash for a property transaction here.
At a consideration of $3.602 apiece, the StarHub CEO would have raised a gross total of $1,512,840 on the open market sale of 420,000 shares yesterday, leaving him with a 0.02 per cent stake in StarHub.
There is no reason for alarm, StarHub's head of corporate communications and investor relations Jeannie Ong said yesterday.
"Neil remains committed as the CEO of StarHub. He just needed some cash flow for a property transaction in Singapore. Post the sale of the 420,000 shares, he still holds 400,400 StarHub shares," Ms Ong said.
Mr Montefiore started amassing StarHub stock in May 2010 on the open market, buying a total of 750,000 shares within a two-week period on three separate occasions for an average price of about $2.19 apiece.
In March this year, another 70,400 shares were added to his kitty under StarHub's restricted stock plan. Independent of the shares awarded under this plan, Mr Montefiore turned in a gross profit of $1.412 per share from yesterday's sale - a total of $593,040 for 420,000 shares.
His sale was especially well-timed. For most of 2011, StarHub's stock trundled along, flirting with the $3 mark but never breaching it. This year, the telco's stock price took off, gapping upwards in late-July into the $3.60-$3.90 range, the highest it has ever been since listing in 2004.
Yesterday, the group's counter closed 7 cents higher at $3.64.
Published August 22, 2012
StarHub CEO halves telco stake for property buy
By Joyce Hooi
STARHUB'S Neil Montefiore sold down half his stake in the telco yesterday to free up cash for a property transaction here.
At a consideration of $3.602 apiece, the StarHub CEO would have raised a gross total of $1,512,840 on the open market sale of 420,000 shares yesterday, leaving him with a 0.02 per cent stake in StarHub.
There is no reason for alarm, StarHub's head of corporate communications and investor relations Jeannie Ong said yesterday.
"Neil remains committed as the CEO of StarHub. He just needed some cash flow for a property transaction in Singapore. Post the sale of the 420,000 shares, he still holds 400,400 StarHub shares," Ms Ong said.
Mr Montefiore started amassing StarHub stock in May 2010 on the open market, buying a total of 750,000 shares within a two-week period on three separate occasions for an average price of about $2.19 apiece.
In March this year, another 70,400 shares were added to his kitty under StarHub's restricted stock plan. Independent of the shares awarded under this plan, Mr Montefiore turned in a gross profit of $1.412 per share from yesterday's sale - a total of $593,040 for 420,000 shares.
His sale was especially well-timed. For most of 2011, StarHub's stock trundled along, flirting with the $3 mark but never breaching it. This year, the telco's stock price took off, gapping upwards in late-July into the $3.60-$3.90 range, the highest it has ever been since listing in 2004.
Yesterday, the group's counter closed 7 cents higher at $3.64.