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Screenshot of a breaking news alert e-mail from Q2 2017
Two weeks after three of the directors of Hong Kong-based retail Forex broker KVB Kunlun Financial Group Ltd (HKG:8077) rushed to exercise their share options, the company issued another announcement regarding a transaction with its share capital.
Stephen Gregory McCoy, a non-executive director at KVB Kunlun, on June 25, 2015, sold 200,000 shares in the broker at a price of HK$1.55 per share, thus generating proceeds of HK$310,000, or US$39,990.
Following the transaction, details of which you can see below, Stephen McCoy still has 600,000 shares in the broker.
The move by McCoy is not surprising if we consider that CITIC Securities has offered only HK$0.65 per share in the broker. The deadline for a decision by KVB Kunlun’s shareholders on CITIC’s proposal is getting really close and we are curious to understand whether the broker will accept the bid.
One share in KVB Kunlun traded at HK$1.48 at market close today, down 3.9% on the day, apparently reflecting the gloomy investor mood regarding CITIC’s offer and the Chinese company’s reluctance to raise the bid.
Photo credit: Google Finance.
To view the official announcement about the share sale by Stephen McCoy, click here.