Treasury CEO sells 400,000 shares
THE chief executive of Treasury Wine Estates has sold 400,000 shares in the company in a trade that has netted him $6.88 million.
Michael Clarke joined the winemaker famous for brands such as Penfolds, Wolf Blass and Lindemans in 2014 when the company’s shares had slumped to below $4.
It’s share price has since climbed as high as $19.24.
Shares in Treasury have come under pressure this week following a damning presentation from a US hedge fund manager at an investment conference in New York that claimed the winemaker was falsely pumping up its sales.
Bayberry Capital Partners says its share price is set to at least halve.
The hedge fund has shorted Treasury stock, meaning it will make money if the price falls.
Treasury yesterday said Mr Clarke had sold the shares on May 1 and May 3 in an on-market trade.
The sales were made after the company’s financial update at the start of the month and during its tight trading window that governs when the chief can trade shares.
The first tranche of 375,000 shares were sold for $17.22 each with the second tranche of 25,000 shares sold for $17.25 each.
Mr Clarke still has plenty of skin in the game with close to 1.8 million shares made up of 542,994 ordinary shares and 1,252,451 performance rights.
Shares in Treasury fell 6.6 per cent yesterday to close at $15.10.