Directors’ Interests

THE founders of two of WA’s most successful resources engineering services groups took advantage of buoyant market conditions to lock in big gains in recent weeks.

Mineral Resources founder and executive director Chris Ellison was the biggest seller, pocketing $35.9 million from the sale of 3.5 million shares on market at $10.25 apiece last week. The sale came a week after Mr Ellison divested a further 2.15 million shares, worth over $20 million. The transfer was reportedly related to a divorce settlement.

The shares sales come a year after Mr Ellison made headlines after selling a swag of Mineral Resources shares to fund his purchase of iron ore heiress Angela Bennett’s Mosman Park mansion for $57 million.

Despite the sales, Mr Ellison remains the company’s biggest shareholder with an 18 per cent stake worth almost $320 million.

Mr Ellison’s share dealings follow last month’s $10.75 milllion share sale by Decmil Group chairman Denis Criddle. Mr Criddle sold 5 million shares at an average price of $2.15 on September 17, leaving him with 21.25 million shares worth over $46.5 million.

Decmil said Mr Criddle had sold to rebalance his portfolio and boost the liquidity of Decmil shares, and did not plan to sell more in the foreseeable future.