19/12/2007 - 22:00

Christmas bonus for directors

19/12/2007 - 22:00

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Eight Western Australian company directors in the mining industry collected tidy Christmas bonuses this week with substantial paper profits from the exercise of options.

Christmas bonus for directors

Eight Western Australian company directors in the mining industry collected tidy Christmas bonuses this week with substantial paper profits from the exercise of options.

Leading the group was Bannerman Resources Ltd non-executive director Nathan McMahon, who made an instant paper profit of $18 million last week.

Mr McMahon exercised 4.7 million Bannerman Resources options at $0.10 each, well ahead of their February 2009 expiry date, making the most of the uranium explorer’s share price surge to $4.03 on the exercise day, 13 December 2007.

This contrasts with the share price slump at Cazaly Resources Ltd, where Mr McMahon is joint managing director.

Cazaly’s shares have dropped from about 65 cents in June to about 40 cents currently after it lost a Supreme Court battle over the Shovelanna iron ore tenements in the Pilbara.

Consolidated Minerals Ltd managing director Rod Baxter made an instant paper profit of $3 million when he exercised one million options, which were due to expire in two years’ time, at $1.94 per share.

The Consolidated Minerals share price was up to $4.83 on the exercise day, 3 December 2007. 

Mr Baxter disposed his entire stake two weeks later and realised $5 million cash, as part of the takeover of the diversified miner by Ukrainian company Palmary Enterprise.

West Perth-based Heron Resources Ltd's share price was up to $1.23 when its executive director Ian Buchhorn made an instant paper profit of $2 million through the exercise of 3 million options at $0.24 per share.

His colleagues, managing director Mathew Longworth and chairman Craig Readhead, have also enjoyed the high share value of the nickel explorer as their options were due to expire.

Mr Longworth made an instant paper profit of $1.2 million through the exercise of 1.2 million options at $0.24.

Mr Readhead made an instant paper profit of $726,512 with his 500,000 options exercised at $0.24 each.

Strike Resources Ltd director Farooq Khan made an instant paper profit of $2.3 million when he exercised 1.2 million options due to expire in June 2008 at a price of $0.20 each.

The company’s shares reached $2.10 on the exercise day, 7 December 2007.

CopperCo Director Brian Rear made an instant paper profit just under $800,000 after exercising 1 million executive options at $0.20 per share as the mineral explorer share price was up to $0.99 on the exercise day, 6 December 2007.

Sphere Investment Ltd director Alexander Burns made an instant paper profit of almost $600,000 shares through the exercise of 250,000 options at $0.90.

The share price of the West African exploration company reached $3.26 on the exercise day, 11 December, 2007.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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