Caverton Executive Sold 39 Million Shares in June

Caverton Offshore Support Group has disclosed that an inside sold substantial stake following the disclosures of two other purchases by executives on the 15th of June.

In a statement released on the Nigerian Stock Exchange, the company said Aderemi Makanjuola, the company’s chairman, sold 39,000,000 ordinary shares between June 9 – 15.

In a move that suggested the deal was carefully done not to raise eyebrows, Makanjuola carried out the transaction in nineteen different deals at an average price of N2.20 per share.

Earlier on Thursday, Caverton announced that Akin Akekere-Ekun, a non-executive director, and Rotimi Rilwan Makanjuola, the Chief Operating Officer, Caverton Helicopters Limited, purchased 10,000,000 shares each also in June but waited until July 16 – 17 to disclosed the three purchases.

It appears that the Akekere-Ekun and Makanjuola transactions were done to balance market forces and calm shareholders that might want to dump the company’s shares following Makanjuola’s disclosure. Hence, why the purchases that were done after the sale were the first to be announced on Wednesday before Makanjuola’s 39 million sale was announced on Thursday. See the details below.

Please note that the article was corrected from purchase to sale.