21/07/2009 - 14:03

Forrest donates shares to Leaping Joey

21/07/2009 - 14:03

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Mining identity Andrew Forrest has donated around $10,000 worth of share to his charity, The Australian Children's Trust.

Forrest donates shares to Leaping Joey

Mining identity Andrew Forrest has donated around $10,000 worth of share to his charity, The Australian Children's Trust.

In a notice to the Australian Securities Exchange, Mr Forrest, as chairman of Poseidon Nickel, received 39,960 shares in lieu of directors' fees for the June quarter.

However Mr Forrest, who is also chief executive of Fortescue Metals Group, donated the shares to Leaping Joey, which acts as a trustee for The Australian Children's Trust.

The Trust was set up in 2001 by Mr Forrest and his wife Nicola to help underprivileged children, particularly in indigenous communities.

The following year, Leaping Joey was entwined in a series of transactions linked to Mr Forrest's departure from Anaconda Nickel, his most significant venture prior to Fortescue.

In late 2007, Mr Forrest made a massive $80 million donation to the charity, comprising of one million Fortescue shares and 115 million Poseidon options.

Since then, Mr Forrest has continuously donated his directors' share payment of Poseidon shares to the Trust while retaining 5 million Poseidon shares.

 

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