Or put another way Capt. Cynical.
Qantas CFO pockets $1m from share sale
Tuesday, 26 June 2007
According to an article by The Age, Qantas’ chief financial officer Peter Gregg has taken advantage of the airline’s high stock price and sold a large parcel of shares worth $1.15 million.
In a statement to the stock exchange, Gregg sold 200,000 shares at $5.77 each. The CFO received 166,000 shares under Qantas’ long-term incentive plan in August last year. Despite the sale, Gregg still has direct interest in 285,000 Qantas shares and an indirect interest in 620,500 shares.
According to The Age, Shaw Stockbroking aviation analyst Brent Mitchell is surprised by the executive’s decision to sell the shares.
“Obviously he has an opportunity to realise some money now that the takeover has gone away but it does surprise me that he has sold,” Mitchell was quoted as saying in The Age.
“Given there is still that uncertainty going forward surrounding fuel costs, competition, those sort of issues ..… he's obviously being cautious just the same as some other investors would be,” he added.
Qantas shares closed at $5.65 yesterday.