Ausclad directors sell $15m in shares

THE founding directors of Kwinana engineering and fabrication company Ausclad Group of Companies Ltd have sold shares worth $S18.9 million ($A15.1 million). The shares were sold to institutional investors in a move that should boost liquidity in Ausclad shares, which are listed on the Singapore stock exchange under the name Ausgroup. The shares were sold at a price of S90 cents, a big premium to the S22 cents pricing of Ausgroup’s initial public offering two years ago. Managing director Stuart Kenny sold five million shares, which left him with 25.4 million shares, or 6.45 per cent of the company. Operations director Jim Fitzgerald also sold five million shares, leaving him with a 5.96 per cent stake. Non-executive director Barry Carson sold 11 million shares, reducing his stake in the company to 5.35 per cent. Ausclad is one of the largest steel fabrication companies in Western Australia and acquired Singapore company Cactus Engineering in 2005. It said in January that its order book for Australian operations was $214 million, though, like other steel fabricators in WA, it had experienced a slide in work volumes this year.

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