Jefferies shares have been getting crushed along with all of the other financials lately.
Not helping is the fact that it recently reported dismal trading revenue.
Anyway, its CEO Richard Handler dumped a bunch of shares today, but not because of anything going on.
Here’s his note to his firm:
As you know, I have never sold any Jefferies stock, except for donations to charity. I recently had a number of old stock grants vest, which required significant tax payments in cash. I have been either restricted or locked up from selling any shares to generate cash to pay for these tax obligations for quite a while. Today, I sold 2 million of my approximately 14 million shares/RSU’s in order to pay off debt I took on in the past to pay these taxes. Leucadia, our largest stockholder, bought these 2 million shares directly from me at $12.58 per share. I think they made a great buy and am gratified by their belief in and support of Jefferies. While I am not happy about reducing my interest in our firm from 14 million shares/RSU’s to 12 million, being out of debt is the prudent thing for me and my family in a turbulent world. I am sharing this personally with all of you so you are aware of the exact details , and so that rumours or noise do not distort the facts. Back to business as usual and let’s keep building Jefferies.
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