- Abbott Mead Vickers.BBDO chairman, Peter Mead is understood to have halved his personal stake in the agency by selling £3.1 million worth of shares, according to a report in the Times.
Mead was quoted as saying that the sale was for personal reasons and did not reflect a lack of confidence in the company.
Mead sold 700,000 shares at 444p a share, with the company's shares closing 1p up at 444p yesterday, compared with a low of 123p in 1994.
Mead said AMV was going "extremely well" and that he had no intention of quitting his role as chairman.
In all about 70 members of staff at AMV are set to benefit from a £20 million share incentive scheme that will pay out in 2001 if the company grows earnings per share by 20 per cent a year and its share price rises by 25 per cent a year.