Velti Announces Purchase of Shares by Non-Executive Directors and Senior Management
Velti plc (NASDAQ: VELT), the leading global provider of mobile marketing and advertising technology and solutions today announced that certain members of it board of directors, including the CEO and the COO, have purchased ordinary shares of the Company on the open market, at an aggregate value of over $1.5 million.
Velti also announced that Mr. Wilson Cheung and Ms. Sally Rau, Chief Financial Officer and Chief Administrative Officer and General Counsel of Velti, respectively, have filed notifications to sell ordinary shares of Velti in aggregate value of approximately $65,000 upon vesting of deferred share awards to cover the tax liability arising upon the vesting of such shares, and Mr. Menelaos Scouloudis, Chief Commercial Officer, has filed notification to sell ordinary shares of Velti in aggregate value of approximately $836,000. Mr. Scouloudis receives all of his compensation in Velti deferred shares. Mr. Cheung and Ms. Rau, each of whom receives a significant portion of their compensation in Velti deferred share awards, will continue to sell Velti ordinary shares as needed to cover the tax liability arising upon vesting of such awards. Each expects to adopt a prearranged trading plan in accordance with guidelines specified by Rule 10b5-1 under the Securities Exchange Act of 1934 and the Company's policies to cover the tax liability accruing upon the vesting of such shares.
The Company notes that purchases and sales of shares by its executive officers and non-executive directors are not reported on Form 4 filed with the Securities and Exchange Commission, as are such transactions by domestic issuers, due to Velti's status as a foreign private issuer. The Company does not expect to issue future press releases upon trading actions by its insiders. Expected sales by such insiders will be reported quarterly on Form 144 filed with the SEC.
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