UK Energy Broker Utilitywise staff and directors sell 10 million shares


Staff and directors at energy management specialists Utilitywise are in for a £30m payout after selling off up to 10 million shares as part of an incentive scheme.The South Shields based business, which employs around 800 staff including 640 in the North East, has run a Long Term Incentive Plan, which has now matured.As a result, the firm said certain directors and employees and a former director, intend to sell up to 10,350,525 ordinary shares of 0.1p in the company.With a share price of 290.87p in early trading yesterday, that placing would deliver a £30m return.The company said: “The completion of the placing and the resulting directors shareholdings will be announced as soon as practicable.”The announcement on the AIM stock exchange came as it emerged the British Chambers of Commerce BCC and Utilitywise have agreed to partner on a pilot programme in response to business concerns over volatile energy prices.

via Utilitywise staff and directors sell 10 million shares – The Journal.