TMN FD rakes in £637,500 from share sale

Peter Coveney, FD of
TMN has made nearly
£650,000 from a share offload as he prepares to leave the company later this
year. A spokesman for the online direct marketing company said that Coveney had
tendered his resignation and would retire from the board with effect from August
2007.

Coveney, who joined the board in 1999 and masterminded TMN’s
AIM
flotation in 2000, sold 750,000 shares at 85p per share, netting £637,500. The
sale leaves Coveney with a stake of 1.08m shares, equivalent to just over 2% of
the company.

TMN Group enjoyed a highly successful period last year, during which its
share value nearly doubled. In December the group announced a 350% increase in
revenue to £8.0m from £1.8m while headline earnings per share rose 185% to 2.4p.

Commenting, Mark Smith, CEO said: ‘Peter’s energy, drive and commitment has
helped TMN Group with it’s growing success over the past seven years. He has
decided that the time is right to step down and introduce a fresh perspective to
the Group for the next phase of growth. The board extends its warmest thanks to
Peter and will be seeking to appoint Peter’s successor prior to the August
retirement date set.’

Further reading:

Flint takes £800k hit on HSBC shares 

Star Energy FD in shares windfall 

Rolls Royce FD in line for shares
payout