Midway through May, William Macaulay, an independent non-executive director at Glencore (GLEN), pocketed over £84m through a series of disposals that amounted to just under 28m shares in the Anglo-Swiss commodities giant. The transactions were conducted through FR Galaxy Holdings, an investment vehicle linked to Mr Macaulay, who is still left holding upwards of 42m shares in the group.
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Continued price weakness for key commodities like copper and thermal coal have weighed on the group's share price, which is down 12.6 per cent over the past 12-months. But there's probably little point in musing on the timing of Mr Macaulay's disposals, given that Glencore's shares are still under water four years on from its IPO in May 2011.