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EARLIER this year, Richard Leupen, the managing director of booming construction business United Group, decided he'd had enough of speculation about margin lending and directors' shareholdings.
So Leupen sold 2.5 million of his United shares at $10.80 apiece and used the resulting $27 million to repay a margin facility over his shares.
He said at the time, ''In recent weeks it has become evident that there is increased speculation relating to chief executive officer margin positions. I concluded that this could potentially impact on United Group and its shareholders, and accordingly, I reluctantly sold part of my holding to retire the margin facility. While there was absolutely no requirement to repay the margin facility and no financial pressure, it is in the best interests of the company and it takes away potential risk from speculative trading.'
A simple enough exercise, but nevertheless Leupen's decision to part with some of his beloved shares drew some snide press commentary that he had been looking for an excuse to flog some of his stock.
Well, United Group has since reported its results for the June year and the growth machine reported that earnings were up 41%

odriguez to present 'anti-stress' collection at New York Fashion Week
2 days ago
NEW YORK Fashion designer Narciso Rodriguez's spring 2009 collection will be 'full of joy,' based on an 'anti-stress' formula that aims to inspire feelings of optimism amid economic crises and war.
'When the economy is so bad and with the horrible things happening all around the world, one gets inspired to create a certain kind of beauty,' Rodriguez told The Associated Press in a telephone interview.
The Cuban-American designer's new collection will be presented during New York's Fashion Week, which starts Friday

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