ClickSoftware Technologies Ltd. (Nasdaq: CKSW) chairman and CEO Dr. Moshe Ben-Bassat wants to sell part of his stake in the company following the 40% rise in share price in October. The workforce optimization solutions developer was one of the few shares on Wall Street to have a positive yield last month, driven in part by its strong third quarter financial report and higher guidance.
Ben-Bassat wants to sell up to 530,000 shares through a blind sale, which will allow him to deal with US Securities and Exchange Commission (SEC) restrictions. Clicksoftware notified the SEC and shareholders of Ben-Bassat's intentions. If he sells all the shares offered at the current share price, he stands to make $1.5 million.
Even after the sale, Ben-Bassat will still be Clicksoftware's largest shareholder. He currently owns 5.2 million shares, amounting to 17.5% of the company.
Despite the 40% rise in Clicksoftware's share in October, it is still down 28% for the year to date. The share fell 0.4% yesterday to $2.88, giving a market cap of $82 million.
Published by Globes [online], Israel business news - www.globes-online.com - on November 5, 2008
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