Director dealings: Outgoing Carclo CEO lowers stake

Outgoing Carclo chief executive Chris Malley disposed of 100,000 ordinary shares in the technical plastics supplier on Wednesday.

Malley, who joined Carclo back in 1999, sold the shares at an average price of 46.50p each, for a total value of £46,500.

Carclo told investors back in January that, after being very successful in winning low-volume and mid-volume automotive lighting programmes, the group's Wipac subsidiary had struggled to meet customer requirements, an issue that worsened in the third quarter after demand grew.

"The consequences of this have been significant with adverse operational variances, expedited freight deliveries and poor customer service leading to additional unplanned costs and, very recently, to delays in new programme awards and the profit recognition thereon," said a statement from Carclo.

In order to combat the issues facing Wipac, Malley resigned and left the board to take on the role of LED Technologies divisional chief executive with immediate effect.

As of 1600 GMT, Carclo shares had tumbled 6.96% to 44.66p.

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