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Arm director raises £1m in share sale

Chipemaker’s executive sells bulk of stake a day after receiving bonus and incentive shares

Arm director John Cornish has wasted no time – he has raised more than £1m by selling shares in the company a day after receiving them.

As part of an incentive and bonus plan for the chipmaker’s executives which paid out on Thursday, Cornish received 188,145 shares taking his total holding to 202,556.

Today Cornish – who is executive vice president and manager of the system design division – sold 198,449 shares at 560p each, making around £1.1m. This leaves him with 4,107 shares.

In total 15 Arm executives were awarded shares after the company outperformed against an international peer group over the past three years. The directors included chief executive Warren East who received 621,265 shares after a number were sold to satisfy tax liabilities, taking his stake to 1.83m shares.

In the market Arm shares have added 8.5p to 570p. © 2012 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds