HBOS FD makes £10,000 gain
Mike Ellis cashes in as bank shares are driven down by short-sellers
Mike Ellis, the HBOS FD, acquired 10,000 shares when the bank’s shares were
driven down last week, thought to be by short-sellers hoping to make a fast
buck.
The management team of the UK bank instead opted to cash in with the shares
at a low ebb.
Stock
exchange disclosures show Ellis acquired 10,287 shares at the price on March
19 of £4.46.
The holding, which would have cost £46,000, is now worth £56,000, meaning a
paper profit of £10,000 over less than a week.
The shares have soared by over 20% in the last week as the stock bounced back
following the short-selling. The stock is now trading at £5.45.
There were suggestions unscrupulous city traders had forced down the bank’s
share price by suggesting it had had to go to the Bank of England for emergency
finance, a claim vigorously denied by all parties.
Ellis now holds 377,866 shares in HBOS, the bank said in its filing.
Further Reading:
Read
the stock exchange announcement
