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Aberdeen directors fund tax bill

Date: Tuesday 19 Jan 2010

Aberdeen directors fund tax bill

Fund manager Aberdeen Asset Management's three executive directors have all sold shares awarded under the deferred share award plan in order to finance their tax bill relating to the award.

Chief executive Martin Gilbert raised £416,370 by selling shares at 132p each. Finance director Bill Rattray and deputy chief executive Andrew Laing each raised £43,621 from their sale.

The three men were forced to forfeit some incentive shares last December because Aberdeen’s performance had not met targets.

Last week, Aberdeen announced plans to acquire assets and contracts relating to RBS Asset Management. The assets under management are worth £13.5bn and they generate annual operating profit of £10m.

Aberdeen will pay £84.7m in cash and the deal should be completed before the end of the first quarter of 2010.

The deal is being funded by a £119m placing at 132p a share.


Top Director Buys

Gartmore Irish Growth (GIR)
Director name: Mr Patrick Cunneen
Amount purchased: 5,000 @ 680.00p
Value: £34,000

Global Petroleum (GBP)
Director name: Mr Peter Taylor
Amount purchased: 92,233 @ 11.07p
Value: £10,210


Top Director Sells

Aberdeen Asset Management (ADN)
Director name: Mr Martin J Gilbert
Amount sold: 315,432 @ 132.00p
Value: £416,370

Global Petroleum (GBP)
Director name: Mr Peter Taylor
Amount sold: 400,000 @ 11.24p
Value: £44,960

Global Petroleum (GBP)
Director name: Mr Peter Blakey
Amount sold: 400,000 @ 11.24p
Value: £44,960

Aberdeen Asset Management (ADN)
Director name: Mr Bill Rattray
Amount sold: 33,046 @ 132.00p
Value: £43,621

Aberdeen Asset Management (ADN)
Director name: Mr Andrew Arthur Laing
Amount sold: 33,046 @ 132.00p
Value: £43,621

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