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.
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