Atlas Iron managing director David Flanagan is ahead $5.9 million after exercising 2.5 million options to buy shares at 72 cents, and selling the same number on-market at $3.11 each. The first transaction cost him $1.8 million, and the second earned him $7.7 million. After the back-to-back deals, Mr Flanagan retains 2.7 million shares in Atlas, which he took from a small start-up to a profitable iron ore exporter. Atlas Iron interim chairman and non-executive director David Hannon is also well ahead after completing similar back-to-back trades. Mr Hannon exercised options at 70 cents each to acquire 500,000 shares. He has then disposed of 800,000 shares on-market to raise $2.4 million, reducing his stake in the company to 2.7 million shares worth about $8.3 million.
IMF (Australia) managing director Hugh McLernon has sold 1.2 million shares in the litigation funder to raise about $1.7 million. He retains an interest of 8.3 million shares in the company worth $11.5 million.
Medusa Mining non-executive chairman Geoff Davis has disposed of 1 million shares on-market to raise $6.7 million, to be used for the payment of personal income tax and to provide funds for charitable undertakings and medical research. He now has an interest of about 4 million shares in the Philippines gold producer worth $27.5 million.