LESS than a week after buying shares under option at well under the market price, two Jefferson Smurfit directors, Mr Paddy Wright and Mr Dermot Smurfit, have sold shares into the market at the current price of 158p. Neither director made any big profit on the transactions - Mr Smurfit is showing a loss - but both have substantially increased their stake in the group at no cost.
After spending almost £600,000 last week on exercising share options at 91.66p, Mr Smurfit has told the Stock Exchange that he has since sold 356,657 shares at 158p realising almost £564,000. The end result of the transactions, however, is that Mr Smurfit - at no cost - holds an additional 292,000 shares in the group currently worth over £426,000.
Mr Wright spent over £276,000 last week exercising options at 91.66p. He has since sold 210,205 shares at 158p to realise over £332,000. As a result, he has made a capital gain of over £56,000 on the two transactions while increasing his stake in Smurfit - at no cost - by 91,000 shares worthy £144,000.
Both directors have also received new share options which can be exercised at the current market price of 158p, with half of the options exercisable between the 3rd and 10th anniversary of their grant.
