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Update: Web Travel Group CEO Sells Nearly AU$7 Million Shares to Settle Financing Arrangements With UBS

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(Updates to add stock movement in the last paragraph)

Web Travel Group (ASX:WEB) said its chief executive and managing director, John Guscic, sold 2.7 million fully paid ordinary shares for a consideration of AU$6.9 million in order to to settle amounts owed to UBS under previously disclosed funding arrangements, according to an Australian bourse filing on May 29 after hours.

The funding arrangements included options and stock loans referencing 2.7 million Web Travel Group shares.

The company's shares fell past 2% in recent Monday trade.

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