Three executive directors of Agincourt Resources have made a quick profit by selling 1.2 million shares on-market and simultaneously buying 1.8 million shares through an options scheme.
Roy Arthur, Peter Bowler and Tim Sugden each bought 616,000 shares at a price of just 25 cents last month. On the same day, they sold shares at the prevailing market price of $1.60.
Managing director Tim Sugden was the biggest seller, disposing of 550,000 shares, leaving him with an aggregate holding of 5.46 million shares.
At Tuesday’s closing price of $1.79, his stake was worth $9.77 million.
Mr Arthur sold 450,000 shares leaving him with a total stake of 8.91 million shares while Mr Bowler sold 200,000 shares, leaving him with 8.75 million shares.
Mr Arthur, Mr Bowler and Mr Sugden joined the Agincourt board last December, on the same day Agincourt acquired the Wiluna gold mine from Newmont Australia. They were former managers of Wiluna.
Corporate lawyer Craig Readhead, who also joined the Agincourt board last December, acquired 200,000 shares through the options scheme at 25 cents.
Ian Middlemas, who has been a non-executive director since August 2001, acquired one million shares at 25 cents.