14/09/2011 - 09:41

Directors' Interests

14/09/2011 - 09:41

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Directors' Interests

Fortescue Metals Group chairman Andrew Forrest has acquired an indirect interest in a further 4.5 million shares costing $26.8 million, after his acquisition of an interest in 5.1 million shares reported last week. This is part of an arrangement where The Metals Group, a private entity controlled by Mr Forrest, has provided financial assistance to allow certain senior executives of FMG to purchase the company’s shares on-market. Mr Forrest’s direct and indirect interest in the WA iron ore miner now stands at 974 million shares worth $5.9 billion.

Southern Cross Electrical Engineering chairman Frank Tomasi has acquired 4 million shares at a cost of $3.6 million in an off-market trade. This increases his stake in the engineering contractor to 65 million shares worth $65 million.

Sultan Corporation executive chairman Derek Lenartowicz and executive director Milos Bosnjakovic have each acquired 100 million shares at a cost of $2.2 million pursuant to the company’s Director Share Plan, which was established to ensure that the base metals explorer is able to incentivise and attract high-calibre directors. This brings Mr Lenartowicz’s stake to 167.4 million shares worth $2.51 million, and Mr Bosnjakovic’s stake to 166.1 million shares worth $2.49 million. Managing director Michael Raelston has acquired 75 million shares, and now has a stake in the company worth $1.13 million.

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