28/02/2020 - 12:17

Forrest in $242m FMG buy

28/02/2020 - 12:17

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Fortescue Metals Group chair Andrew Forrest has purchased an additional $242 million worth of shares in the company, shortly after Perth-based executives of other leading companies, including Peter Coleman, Ian Testrow and Bill Beament, also made big trades.

Andrew Forrest now owns more than a 36 per cent stake in FMG. Photo: Attila Csaszar

Fortescue Metals Group chair Andrew Forrest has purchased an additional $242 million worth of shares in the company, shortly after Perth-based executives of other leading companies, including Peter Coleman, Ian Testrow and Bill Beament, also made big trades.

Dr Forrest’s purchase of 22 million shares at an average price of $10.98 each over the past week gives him a total of 1.11 billion shares in FMG, worth $11.21 billion today.

He now owns more than a 36 per cent stake in the iron ore miner, which he founded in 2003. 

Earlier this month, FMG shareholders received a dividend of 76 cents per share, which provided Mr Forrest an $828.2 million payout.

Meanwhile, Woodside chief executive Peter Coleman was issued 106,895 shares worth $3.6 million from the vesting of performance rights. 

The shares Mr Coleman received take his total stake in the company to 441,119 shares held directly and 321,868 held indirectly, worth $21.5 million collectively. 

Another large share trade was made by Emeco Holdings chief executive Ian Testrow.

Mr Testrow has sold 1.5 million shares, worth about $3.4 million, to pay a tax bill resulting from the vesting of recent performance rights.

Following the sale, the company said Mr Testrow still held shares in the company, including 14,706,122 performance rights and 15,985 shares.

Northern Star Resources executive chair Bill Beament has also sold shares to fund tax liabilities.

Mr Beament sold 317,222 shares worth $4.2 million, but also bought 522,222 shares in a placement at a cost of $4.7 million.

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