Monday, April 29, 2013

Davidson nets $345K on unusually large stock sale

In one of the largest such transactions in recent memory, the head of the Newsquest newspaper division in the U.K., Paul Davidson, has exercised options on more than 67,000 shares, selling them for a $345,000 profit.

Davidson completed the transaction on Wednesday, according to a new regulatory filing. The options carried a so-called strike price of $15 each. He sold the 67,499 shares at an average $20.11, according to the document filed Friday with the U.S. Securities and Exchange Commission.

Davidson and other top executives received the options in February 2010 as part of their annual pay for the preceding year.

I can think of only one other recent option sale larger than Davidson's: CEO Gracia Martore's 75,000-share trade in December, at prices between between $17.73 and $18.

GCI's stock was recently trading this morning at $20.16, down 36 cents, or 1.8%, after Barclays downgraded the shares to an "underweight" rating from "equalweight," with a price target of $18, according to financial news site seekingAlpha.

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