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Update; Acorn, Apple sell-off prompts ARM stock fall

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ARM's share price fell 65p to 845p, a fall of 7.1 per cent, following a secondary placing of 6.5 million shares at 800p organised by Morgan Stanley Dean Witter. The shares fell again Thursday to 810p. Acorn and Apple, ARM's two major shareholders used the occasion for a little profit taking. Acorn flogged 600,000 shares realising £4.8 million, net of taxes. Venture capitalist Nippon Investment cashed in its entire 4.3 per cent stake. While Apple lopped 6.3 per cent of its 26 per cent stake. It now owns 24.6 per cent. ARM directors had their fill too. CEO Robin Saxby and family cashed in 227,907 shares, grossing £1.823 million. Director James Urquhart flogged 70,000 shares, pulling in £560K. Finance Officer Jonathan Brooks and family grossed 240K, with their sale of 30,000 shares. This is how capitalism is supposed to work. Saxby and co are building a successful business, so more power to their cash-dipping elbows. We trust they have sercured the services of a competent tax consultant. Acorn retains 24.61 per cent of ARM. This could remain a nice little piggy bank for years to come. More likely, the company will flog the entire lot of,just as soon as it gets the market to buy into its Digital TV solutions message. Which could take some time. ®

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