Rightmove chief executive Peter Brooks-Johnson has sold almost £3.4m worth of shares after exercising three sets of options.
In each case he sold under half of the shares he acquired to cover tax and other deductions, and retained the rest of the shares.
In the first, he exercised the right to acquire 66,170 deferred shares awarded at nil cost in March 2016 in respect of his 2015 financial year bonus, ahead of the last exercise date of February 28, 2019.
He subsequently sold 31,233 shares at an average price of £4.37 per share and retained the balance of 34,937 shares.
In the second, he exercised the right to acquire 260,210 performance shares awarded at nil cost in May 2014, including rolled-up dividend payments of 8,810 shares, ahead of the last exercise date of next March 2.
He subsequently sold 122,820 shares at an average price of £4.37 per share, retaining the balance of 137,390 shares.
Finally he exercised the right to acquire 1,392,860 shares under an unapproved executive option awarded in March 2009 (which would otherwise lapse next March 4) at an exercise price of £0.224 per share.
The shares were net settled and Brooks-Johnson subsequently sold 623,440 shares at a price of £4.37 per share and retained the balance of 697,406 shares.
Following these transactions, the beneficial shareholding of Brooks-Johnson in Rightmove is 1,771,493 ordinary shares, representing 0.198% of the ordinary shares in issue (excluding shares held in treasury).
He also holds unapproved options over 525,530 ordinary shares, Sharesave options over 8,083 ordinary shares, 103,900 deferred shares, and 871,810 performance shares.
Brookes-Johnson became Rightmove’s CEO in May last year.
Yesterday, Rightmove shares closed at £4.54, up about 2% over the day, but well down from an all-time high of £5.35 last June.
Blood money!
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
He’s ideally positioned to know the reality of what RM faces.
Am I alone in thinking he’s selling before the fall ??
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
No, you’re not.
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
oooooo so warm and fuzzy.
£3.4m lets keep up the good work folks.
PS – To my RM rep… Have you ever met Peter? I suppose a yes or no, will not make £3.4m any better. Obvs I assume your bonus is close to this… like I fill the shelves, you run around the Country appeasing us and Peter ****** on us both from a great height. (That’s the warm feeling I have right now).
Not Peter’s fault I suppose, after all, we have a choice to list with RM or not.
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
I’m pretty sure that there are no Rightmove reps visiting this site. Unless they are complete sadists!
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
oh they do… mine definitely do.
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
Good for him he deserves his bonus as he presides over a falling share price
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
No doubt there will be a lot of green-eyed envy and anger at this news. But he presides over a hugely profitable commercial enterprise and has ‘earned’ his rewards. The company, like all others, has a primary aim – to maximise profit and returns for shareholders.
If you don’t like seeing people making this sort of income, stop paying the companies that pay them.
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
I almost agree, but RM have become in the eyes of the public related to the Industry I work in (hope that makes sense), like what EON, British Gas, Scottish Power etc etc have become to me… They need it, like I need electric and gas. I have to pay a FAT CAT, I cannot avoid it in some industries.
So whilst I have a choice I know, I cannot fight my own single battle of “I’m not on, we don’t need them”, coz my competitor will say “yeh you do” and thus my company suffers. I need to pay my electric, so need to be on RM to ensure the yocals around me do not use it against me. (I am weak! I know… but I am also sensible)
As for Peter… good on him, genuinely no issues with that! I would swap places with him tomorrow, always maintained my view that… I wish it was me… but as it isn’t for me this is anger NOT “green eyed envy” it is the strong hold they now have, and the arrogance in which they deliver.
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
PLC’s have more responsibilities than just profit for shareholders. They are increasingly expected to contribute back to society in numerous ways, and of course, to look after the interests of their customers.
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
You could always just buy some RM shares?
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
Countrywide would be a better buy.
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
By my maths he made around 3m on these sales.
It will be nice xmas for him but I wonder why he sold…
It’s not like Rightmove is facing a serious downturn in share price, right?
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
He has sold the shares as they were about to expire (the options) early next year in March or February and therefore if he didn’t exercise them he would be left with nothing. He sold then to cover tax deductions as it was ‘income’ and hmrc like their taste around 40% for higher rate payers which he certainly would be. Having retained the other shares he actually hasn’t pocketed any or much cash as he still holds the lions share of 60% of what he was awarded in the options. I’d say this shows he has confidence in the RM business moving forward. He may have done it now rather than next year as if any regulatory announcements barred him from trading due to his position in the new year to avoid accusations of insider dealing he could have lost the options by the time he was eligible to deal in them again.
It’s not really news, RM CEO has large paycheck. Nothing to see here gang.
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
As the song goes, ‘There May be Trouble Ahead’.
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register