Finlayson sells $12m Saracen stake

Saracen Mineral Holdings managing director Raleigh Finlayson has received about $12 million after selling more than half his stake in the gold mining company.

Mr Finlayson sold 5.9 million shares at an average price of $2.06 each.

Saracen said about half of the proceeds would be used to meet tax obligations, due primarily to the vesting of shares in March.

Mr Finlayson retains 4 million Saracen shares and 845,000 performance rights.

Mr Finlayson commenced with Saracen in 2008, and was appointed managing director in 2013.

The recent sale is the second time Mr Finalyson has sold company shares.

The first sale was for the sole purpose of meeting personal taxation obligations.