BusinessCompany NewsHBOS FD makes £10,000 gain

HBOS FD makes £10,000 gain

Mike Ellis cashes in as bank shares are driven down by short-sellers

Mike Ellis, the HBOS FD, acquired 10,000 shares when the bank’s shares were
driven down last week, thought to be by short-sellers hoping to make a fast
buck.

The management team of the UK bank instead opted to cash in with the shares
at a low ebb.
Stock
exchange disclosures
show Ellis acquired 10,287 shares at the price on March
19 of £4.46.

The holding, which would have cost £46,000, is now worth £56,000, meaning a
paper profit of £10,000 over less than a week.

The shares have soared by over 20% in the last week as the stock bounced back
following the short-selling. The stock is now trading at £5.45.

There were suggestions unscrupulous city traders had forced down the bank’s
share price by suggesting it had had to go to the Bank of England for emergency
finance, a claim vigorously denied by all parties.

Ellis now holds 377,866 shares in HBOS, the bank said in its filing.

Further Reading:

Read
the stock exchange announcement

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