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Directors Interests

Three directors of Perth-based higher education player IBT Education Ltd cashed in $30 million worth of stock in their company, which listed in late 2004 and now has a market capitalisation of around $650 million. Peter Larsen was the biggest seller, unloading 10 million shares to raise $19 million. Peter Campbell was next, selling four million shares for $7.6 million, while Rod Jones released two million shares for $3.8 million. Mr Jones still has a beneficial interest in 55.6 million shares (16 per cent of IBT voting stock) valued at more than $105 million, while Mr Larsen still has an interest in 31.2 million shares worth almost $60 million, and Mr Campbell retains just over 20 million shares worth about $38 million. Together this represents just over 30 per cent of the voting shares. IBT’s listing released only a portion of the company’s equity to the public in a deal put together by Bell Potter Securities brokers Brad Shallard and Romano Sala Tenna, who recently listed their own investment company, Katana Capital Ltd. Guido Staltari, director of Saracen Mineral Holdings, increased his indirect interest in the company to 48,058,069 ordinary shares with a purchase of 31,180,830 shares, for a total consideration of almost $2.5 million. Resource Capital Fund founder Henderson Gilbert Tuten reduced his interest in St Barbara Mines when he sold 95 million fully paid ordinary shares at 50 cents a share for a consideration of $47.5 million. He now has a beneficial interest in 83.7 million shares, or 13.5 per cent of the current issued capital of St Barbara Mines. His company, Resource Capital Funds, sold down the stake. The investment group currently holds a $7 million convertible loan with conversion rights to 100 million shares and, if the rights are exercised, the group would hold 183.7 million shares in St Barbara and increase their stake to 25.6 per cent of the diluted capital of the company.

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