Directors’ Interests
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Brockman Resources managing director Wayne Richards substantially boosted his stake in the aspiring Pilbara iron ore miner by exercising one million executive options in two transactions, almost two years before their expiry date.
On October 26, the former BHP Billiton iron ore executive spent $395,000 exercising 790,000 options with a strike price of just 50 cents each. Mr Richards then exercised a further 210,000 options at 50 cents each on November 2.
The trades delivered Mr Richards a significant paper profit of over $3.6 million, based on the stock’s closing price of $4.14 and $4.19 on the day of each transaction.
Fellow Brockman director John Nixon also took advantage of the stock’s performance by selling 100,000 shares on market for $3.97 apiece in order to exercise 100,000 options with a strike price of just $1.30.