But Hartmut Lademacher’s resignation, has not satisfied investors who remain critical of Sema chief executive Pierre Bonelli, according to reports in today’s Financial Times.
Investors want Bonelli to explain to them how it was possible for Lademacher to cash in shares worth £24m without any company intervention and why it took Sema two weeks to notify shareholders once the illegal trade had taken place.
Lademacher resigned at Sema’s request following a disclosure earlier this week that he sold 2.6 million company shares in August and September this year, a move which breached the Financial Service Authority’s rules forbidding the sale of shares by directors two months prior to results. The company’s half-year results were published on 5 September.
A company statement said that Lademacher had misunderstood the FSA rules and had sold his share in error.
Shares for Sema plunged 43% last week as nervous investors sold off shares following a profit warning. Shares are currently trading at 288p, down 15p or 6.5% The company’s shares, are listed on London’s techMARK index.
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