IAG chief executive Willie Walsh has revealed plans to sell some of his own shares in the group, but stressed that the decision is related to personal financial obligations.
"I will be selling part of my shareholding... to meet an outstanding financial obligation to my ex-wife," Walsh told analysts after a results briefing. "This does not in any way reflect the view of the business looking forward or my own wish to walk away from IAG."
Walsh notes that for various reasons, "principally the Norwegian situation", insider-trading rules have prevented him from selling shares over the last two years. "I need to take advantage of this open period," he says. "My shareholding is around 2 million shares and I will be selling a portion of these shares, to allow me to fulfil an outstanding financial obligation in respect to my divorce."
IAG is to be make a formal disclosure once the share sale is complete. "It's not something I want to do, quite the opposite; but it is something I have to do," says Walsh.
The group's share capital is divided into 1.99 billion ordinary shares, which were trading at around £5.05 ($6.56) each just before noon UK time today.
Source: Cirium Dashboard
