Clarkson chief cuts stake

LONDON (ShareCast) - Chief executive Andi Case has sold just over one-quarter of his stake in shipping services company Clarkson (LSE: CKN.L - news) . He raised £1.6m and retains a 2.91% stake.

Case joined Clarkson in 2006. Case was awarded 210,000 shares as a deferred bonus in June 2008 at the time he became chief executive. This is part of his remaining stake but the shares do not vest until the third anniversary of the award. Case has to still be employed by Clarkson at that time to receive the shares.

The disposal follows yesterday's cautions trading statement by Clarkson. Freight rates and asset values are falling but Clarkson is trading in line with expectations.

Ship broking transaction volumes are being maintained and there are signs of increasing activity in the sale and purchase market. However, lack of credit is hampering purchases of ships.

Analysts forecast 2009 profits just short of £22m and a prospective yield of 5%.

Non-executive director Paul Wogan has bought 5,000 shares at 800p each. This doubles his stake to 10,000 shares. Wogan acquired 5,000 shares in January at 425p each.

Top Director Buys Clarkson (CKN) Director name: Mr Paul Wogan Amount purchased: 5,000 @ 800.00p Value: £40,000

GKN (GKN (LSE: GKN.L - news) ) Director name: Mr Richard Parry-Jones Amount purchased: 20,000 @ 109.60p Value: £21,920

Terrace Hill (LSE: THG.L - news) (THG) Director name: Mr Robert F M Adair Amount purchased: 100,000 @ 17.50p Value: £17,500

Terrace Hill (THG) Director name: Mr Robert F M Adair Amount purchased: 100,000 @ 17.25p Value: £17,250

Top Director Sells Clarkson (CKN) Director name: Mr Andi Case Amount sold: 200,000 @ 800.00p Value: £1,600,000

M. P. Evans Group (MPE) Director name: Mr O D Wilkinson Amount sold: 10,000 @ 296.00p Value: £29,600

Pinewood-Shepperton (PWS) Director name: Mr Patrick Garner Amount sold: 21,373 @ 132.00p Value: £28,212

Cobham (COB) Director name: Mr Warren G Tucker Amount sold: 9,500 @ 230.48p Value: £21,896