KLE Group director sells out

Two directors KLE Group sold 8,100,000 and 5,896,500 stock units of the company, on September 9, 2014, at $1 per share, bringing to three the number of directors who sold off large portion of their holding in the floundering group, within two months. One former director, Craig Powell, dumped part of his holdings, on Friday July 11, on the Jamaica Stock Exchange. Stocks and Securities acting as brokers on behalf of the seller and buyer, executed Powell’s trade at 90 cents each for the 7,181, 043 units, in July.
Powell is not the only director that has sold shares in the company. According to a listing of holdings in March, Kevin S. Bourke a director, held 10,435,250 shares, the same as of the end of 2013 and so did the CEO Gary C. Matalon with 9,295,250 units held directly, in his name, but with a total of 16,073,628 shares that he is connected with. Zuar A. Jarrett had 10,178,500 units at the end of 2013, this was down to 6,896,500 in March. Stephen Orlando Shirley had 10,111,500 units at the end of December, but 6,761,500 in March and David A. Shirley had 6,227,750 without any change in holdings, The sale are unlikely to be coming from the lesser amounts as they are no disclosure that directors bought more shares since March to have driven up their holdings. There are only two directors with enough shares to match the recent sales of 8.1 million units, either Matalon or most likely, Kevin S. Bourke. The 5,896,500 units sold looks very similar to Zuar A. Jarrett holding less 1 million units. On the same day the directors sold the shares recently, 1,849,709 shares was also sold. The latter amount seems part of JCSD Trustee Services – Sigma Optima shares which totalled 2,849,709 units in March. The sales took place against the back ground of the company reporting one of the better quarterly results since listing.
A senior manager sold Scotia Group advised of the sale of 15,960 shares on September 8, 2014 from shares held under the Employee Share Ownership Plan.
A senior manager sold 40,000 National Commercial Bank shares during the period August 18 – 26, 2014, the company reported.