Founding director and chairman of Aquila Resources Charles Bass has sold off almost $6.2 million worth of shares, as part of moves that reduced his beneficial interest in the company to 10.7 per cent from 12.1 per cent.
In addition to share sales, Mr Bass transferred 1.55 million shares worth more than $3.4 million as charitable donations. The Bass Family Foundation appears to have been the major beneficiary of that, receiving 1.4 million shares in a charitable donation.
The foundation also sold 200,000 shares to raise $440,000.
Mr Bass and interests associated with him now hold just over 44 million shares after the May 31 transactions.