Aryzta shares slide again as boss sells €16m worth of stock
Aryzta chief executive Owen Killian says he regrets selling shares in his company over the past few days after admitting he was prompted to do so by a weakness in the share price.
Mr Killian sold 427,250 shares on Monday and Tuesday this week, the days after Aryzta posted its interim results, which showed a fall in profitability.
Share prices at Aryzta had fallen by 12.39pc to 35.91 Swiss francs (€32.78) at 1.45pm on Wednesday.
Based on Tuesday closing price of 41 Swiss francs Mr Killian will have €16m from the shares sale.
The Roscommon man said: "I regret having to sell down shares at this time.
"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."
After the sale the company said that Mr Killian continues to hold 216,530 shares as well as 750,000 of fully-vested options.
Of those 750,000 options, 300,000 have an exercise price of 37.2 Swiss francs with the other 450,000 having an exercise price of 39.95 Swiss francs.
Aryzta also awarded Mr Killian 410,000 options under the company's long-term incentive plan. The options will generally become first accessible in September 2020.
In order for Mr Killian to reap the benefit of the options he must meet conditions laid out by the company covering earnings per share growth, return on capital invested and meeting the firm's dividend policy.
Cuisine de France owner Aryzta posted its half-year results on Monday, which showed that margins contracted by 30 basis points across the board.
Profitability in the firm is expected to improve in the six-month period after it tightened in 2015.