Ammon sold $5.9m IOH share parcel to Stokes

Iron Ore Holdings Ltd has disclosed that executive director Derek Ammon was the seller of a $5.9 million parcel of shares bought last month by Seven Network chairman Kerry Stokes.

Mr Ammon decreased his direct and indirect interest in the company through the off market sale of 14,819,500 shares worth a total of $5.9 million.

Mr Ammon now holds 20 million shares in the Perth-based iron ore explorer valued at $14.5 million at the announcement day share price of $0.70.

The sale follows the recent annoucement by Binalong Pty Ltd - a company asscoiated with Mr Stokes - of the acquisition of 14,819,500 shares representing 19.9 per cent of Iron Ore Holdings, with an option to acquire a further 20.4 per cent (15,180,470 ordinary shares) subject to shareholder approval.

Kerry Stokes acquisition sent Iron Ore Holdings share price sharply higher.