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UK - MPI directors alleged to have sold shares before profit warning

07 December 2011

Stephen Puckett, Finance Director of staffing agency Michael Page (MPI) and his wife are alleged to have sold more than 2 million Pounds of the company's shares in the weeks before it issued a profits warning on 5 December 2011, the Financial Times newspaper reports.

Charles-Henri Dumon, who runs the company's businesses in Europe, South Africa and North America, also appears to have sold shares.

On 21 November, the company said Puckett and his wife, Amanda, had sold more than 594,000 shares at prices between 376 Pence and 380 Pence. They generated more than 2.25 million Pounds in total proceeds from the share sales. According to the Financial Times, Puckett also exercised options to acquire 50,000 shares at 191 Pence and then sold them for 380 Pence. The trades took place on 17 and 18 November 2011.
 
The company said on 16 November that on that day and the previous day, Dumon sold a total of 130,000 shares at prices between 365 Pence and 369 Pence.
 
The staffing agency has declined to comment further on the transactions.

After the announcement on 5 December, Michael Page's shares were down by -12.77% to 318.40 Pence
 
In July, Michael Page announced that Puckett, who joined the company in 1996 would be leaving for personal reasons. The company has not given a specific date for its finance director's departure.

To read our article about Michael Page's third quarter interim management statement, please click here

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