Beeks Financial Cloud announced on Tuesday that its CEO is going to be selling off a large number of shares in the firm.
Gordon McArthur stands to gain just over £2.2 million from the sale of 2,640,484 ordinary company shares. Those shares represent approximately 5.19 percent of Beeks’ issued share capital.
McArthur and his wife currently control 30,115,677 shares in Beeks, representing a 59.21 percent stake in the cloud technology company.
In a statement issued via the London Stock Exchange, Beeks said that McArthur had agreed to not sell off any more shares for the next twelve months.
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McArthur founded Beeks in 2011. The company works with an array of different financial institutions and has begun to make headway in the cryptocurrency industry over the past couple of years.
The company, which has its headquarters near Glasgow, was listed on the AIM – a submarket of the London Stock Exchange – in late 2017, with shares originally trading for 50 pence.
Beeks’ most recent financial report was positive. The technology company had total revenue of £7.35 million ($9.29 million) last year, up by 32 percent on the prior year.
The company currently serves 220 institutional clients that pay, on average, £2,200 per month to use its services.
Finance Magnates contacted Beeks for this story, but the company declined to comment.