Aryzta shares slide after boss sells €16m worth of stock in company
Says decision not indicative of confidence or commitment to Aryzta
ARYZTA boss Owen Killian has said he regrets selling shares in the company over the past few days, admitting that he was prompted to do so by a weakness in the share price.
"I regret having to sell down shares at this time," he said - Mr Killian sold 427,250 shares valued at €16m, based on last night's closing price.
This morning shares in the Swiss-Irish food firm fell by 12.73pc to 35.95 swiss francs at 9am.
"This decision was triggered by the weakness in the share price impacting the collateral value of the share. It is not indicative of my confidence in or commitment to Aryzta and the achievement of its goals."
Following this sale, the company said today that Mr Killian continues to hold 216,530 shares in Aryzta as well as 750,000 fully vested options (300,000 options with an exercise price of CHF37.23 and 450,000 options with an exercise price of CHF39.95).
Mr Killian's decision to sell the shares comes after the firm posted its half-year results on Monday.
Aryzta saw its profitability fall as margins contracted by 30 basis points across the board.
It was understood that profitability in the firm was expected to improve in the six month period after it tightened by 20 basis points in the previous year.
On publication of the results share prices at the firm fell by as much as 10.25pc on Monday.