THREE Agincourt directors Peter Bowler, Roy Arthur and Tim Sugden have reaped about $1.1 million from cashing in options and selling Agincourt shares. Each director spent $291,667 to exercise about 833,000 options and sold 700,000 Agincourt shares for $1.4 million.
Farsands Solutions (formerly Farsands Corporation) last month completed a crossing of 12 million shares, through Bell Potter Securities, to improve the liquidity of its stock and the depth of market. Of the 12 million shares, 11.7 million were owned by executives of Clifton Coney (a project management company acquired this year by Farsands).
The executives were bound under pre-emption agreements and therefore were deemed to have an interest in all of the shares, which resulted in an Australian Stock Exchange disclosure.
A report in WA Business News said five executives each sold 11.7 million shares, when in fact there was only one sale of 11.7 million shares. Of the five, chief executive Peter Coney did not sell any shares.