Director dealings: Airea CEO offloads shares to newly created employee benefit trust

Airea chief executive Neil Rylance sold 2.51m ordinary shares in the AIM-listed flooring company to the recently created Airea Employee Benefit Trust on Friday.

Rylance, who was appointed chief executive of Airea back in June 2008, sold the shares at an average price of 72p each, for a total value of £1.8m.

As a result of the transaction, Rylance no longer has a beneficial interest in the company.

Non-executive chairman Martin Toogood said: "The company's employee benefit trust is now in a position where it can begin to make performance-based share awards to our employees. The awards, which will vest over a three to five year period, are key to employee retention and ensuring that appropriate incentives are in place to drive long-term value creation in a highly competitive market environment.

"Our chief executive officer, Neil Rylance, built up his personal shareholding in the company a number of years ago and, as part of this sale to the EBT, intends to continue to lead the company in this next important phase of its development".

As of 1620 BST, Airea shares had picked up 1.14% to 78.83p.

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