Heska CEO sells stock to cover loan from company

LOVELAND – In a move to pay off a personal loan from the company, Heska Corp. (Nasdaq: HSKA) chairman and CEO Robert Grieve recently sold nearly one-quarter of his stock in the company.
Grieve sold 80,000 shares, priced at $1.30, on Thursday; he sold an additional 38,120 shares for the same price on Friday. Grieve still personally holds more than 356,000 shares.
The sale, according to a statement from Grieve, was made in order to pay back a $100,000 principal loan made to Grieve in 1999 that comes due on Dec. 23.
“I have not sold any other Heska shares since I became CEO nearly seven years ago and I in no way want this sale to be interpreted as a lack of confidence in our company,” Grieve said in a prepared statement. “We just reported the first profitable third quarter in our history and I remain very excited about our future prospects.”
Grieve is required to pay back the loan under a provision of the Sarbanes-Oxley Act of 2002. The provision prohibits new loans or modifications to existing loans for executive officers of public companies.

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