U.S……SALE OF SHARES AROUSES SUSPICION

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U.S……SALE OF SHARES AROUSES SUSPICION

 user 2007-11-08 at 11:33:00 am Views: 67
  • #21059

    Sale of United shares arouses suspicion
    November
    2007 — Deerfield (IL): Speculation is mounting surrounding United
    Stationers
    after two senior executives – president and CEO Dick
    Gochnauer and senior VP of marketing Mark Hampton – exercised nearly
    $15 million worth of shares.According to the US Securities and Exchange
    Commission, between 2 and 5 November Gochnauer and Hampton grossed
    $14.9 million by selling more than 251,900 shares acquired through
    options, making November sales the highest they have been at the
    company since 1998.Gochnauer exercised $6.58 million in options to
    acquire 275,000 shares and sold 210,000 of them for $12.4 million – his
    first sale since joining the company in 2002. Hampton sold 41,900
    shares for $2.49 million.Some analysts believe that such a significant
    sale of shares by senior management may indicate a downward turn in the
    company’s fortunes, owing to the fact that United’s options are
    performance-based because they require a stock to hit and maintain a
    certain price before they vest.The company’s stock reached a record
    high in July when it hit $71. Since that time, the stock’s value has
    fallen by 18 percent on the back of concerns about revenue growth,
    budgeting and the current state of the wider US economy.