AGGREKO chief executive Rupert Soames has sold £7 million of shares in the Glasgow-based temporary power company after netting a bumper payout from an incentive plan.
In all, executives cashed in more than £22.4m of stock in the company, which has profited from soaring demand from rapidly growing emerging markets and supplying power to prestigious events such as the Olympic Games.
Mr Soames, the grandson of Winston Churchill, acquired 324,722 shares after the vesting of two bonus plans dating back to 2009. He subsequently sold 322,384 shares at 2160p each which the company said was due in part to pay the tax arising on the award.
His stake now stands at 306,130 shares, with a value of around £6.9m.
Among other top Aggreko executives reaping large pay-outs was Angus Cockburn, who received 160,612 shares and promptly sold 210,612, netting him £4.5m.
George Walker, president of Aggreko's American business, was handed 164,634 shares and sold 161,495 for £3.5m.
Kash Pandya, who heads Aggreko International, got 155,258 shares and sold 210,258 for £4.5m.
Bill Caplan, regional director for Europe and the Middle East sold 130,598 of the 131,864 shares he was handed, reaping £2.8m.
Aggreko said that under new incentive schemes Mr Soames could get as many as 121,458 shares, with a paper value of £2.7m, if he meets performance targets.
Aggreko's shares rose 53p, or 2.4%, yesterday to 2239p having almost quintupled in value since 2009.
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