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Micro Focus plunges to bottom of FTSE 100 as boss cashes in £11.6mln of shares

Many assumed that Micro Focus’ big fall last week was due to investors being unimpressed the interim results, but Kevin Loosemore’s huge share sale likely played a part too

kevin loosemore
Loosmore sold the shares on Wednesday and Thursday

The boss of Micro Focus PLC (LON:MCRO) has sold shares in the software giant worth almost £12mln, sending the stock to the bottom of the FTSE 100.

Micro Focus confirmed on Monday that, at the end of last week, executive chairman Kevin Loosemore trousered £11.6mln after cashing in 650,000 shares at 1,777.3p apiece.

READ: Micro Focus reiterates guidance after steady half year

The 60-year-old, who has faced a challenging year after investors voted down the remuneration report following heavy criticism of a £110mln bonus scheme, said the sale was part of efforts to “diversify” his personal investments.

“Following the publication of our interims, I have taken the opportunity to sell some of my shares in the company,” Loosemore said.

“Until now, all of my assets have been held in Micro Focus shares. Having recently turned 60, it is time for me to diversify a little, although around half my personal wealth remains in the stock.”

Senior executives selling down their stakes is often seen negatively by other shareholders, and that proved to be the case again on Monday, with the stock down almost 5% to 1,679.2p in mid-morning trading.

Quick facts: Micro Focus International plc

Price: 1089.2 GBX

LSE:MCRO
Market: LSE
Market Cap: £3.63 billion
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