BusinessCompany NewsGame Group FD’s shares sale plunges price

Game Group FD's shares sale plunges price

Analysts say director share sells ahead of annual figures are 'not a great sign'

The shares of video game retailer, Game Group, plunged more than 14%
yesterday on the back of news that the chief executive and finance director had
sold nearly all their stock.

CE Lisa Morgan sold 1.4 million shares, worth about £3.1m, while FD David
Thomas also off-loaded his 1.04 million shares,
CityAM
reported.

The sell-off, just a month ahead of the company’s 22 April year end, is ‘not
a great sign’, Seymour Pierce analyst, Andrew Wade said.

‘It suggests that there is less to go for in terms of future performance.
Although you can’t judge the valuation of a company purely on what directors do,
it does sound a note of caution,’ said Wade.

But analysts pointed out that executives were prevented from selling their
shares for over a year after the company entered a closed period following the
Gamestation takeover.

Further reading:

Game
Group says CEO, FD sell shares at an average 224.63p each

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