Moscow Exchange deputy CEO reduces stake in exchange 50-fold
MOSCOW. March 6 (Interfax) - Moscow Exchange deputy chief executive Andrei Shemetov reduced his stake in the exchange by more than 50 times to 0.002% from 0.105% on March 4, the exchange said in a statement.
Shemetov acquired the 0.105% of shares in the exchange a day earlier, on March 3. Based on the closing price on March 3, 0.105% of shares in Moscow Exchange are worth about 141 million rubles.
The exchange told Interfax that Shemetov exercised his right to buy the shares under a stock options program for management. He later sold part of the acquired shares on the market.
A spokesman for the exchange recalled that 70 people are eligible to take part on the options program, for which 2.4% or 58 million shares are reserved. Every year an executive has the right to buy a third of the number of shares intended for them under the options program at a price of 46.9 rubles per share. It became possible to implement the program six months after the exchange's IPO.