The founders of Perth engineering and fabrication group Matrix Composites and Engineering crystallised a substantial portion of their stake in the group last week when their stock came out of escrow.
Founding director Max Begley pocketed $15.8 million from the sale of 4 million shares at $3.95 per share, leaving him with 25.2 million shares worth over $100.6 million. Fellow directors Aaron Begley and Paul Wright realised $2.76 million and $2.37 million from the sale of 700,000 and 600,000 shares respectively.
Matrix, which listed 12 months ago, said the sale allowed the trio to realise a portion of their investment in the company in line with the escrow provisions which expired when the company released its full year results. Mr Begley and his associates had owned over 45 per cent of the company when it floated last year. Matrix said the trio had no intention to dispose of any additional shares and all planned to exercise their outstanding options by October.