Fortescue Metals Group director Andrew Forrest made a quick on-market profit by selling two million FMG shares for $1.1 million last week.
On the same day Mr Forrest also bought four million shares priced at 8 cents through an options scheme.
The conversion of options cost $320,000. As a result, it is understood Mr Forrest’s directly related share holdings in the company increased from 42 million to 44 million shares.
The stake is valued at $22.8 million at FMG’s current share price of 52 cents.
As Mr Forrest increased his trading activities in FMG, the company’s flagship iron ore and infrastructure project in the Pilbara also seemingly began to pick up the pace.
Early this week FMG announced that it had raised the $7 million, which would go towards bankable feasibility studies into the Pilbara Infrastructure Fund, and its proposed mining operations in the Pilbara.
To fund the raising FMG allotted 12,830,000 fully paid ordinary shares at 55 cents each to JF Capital partners, a subsidiary of JP Morgan Fleming Asset Management Group.
FMG also appointed Patersons Securities to assist with the coordination of investment proposals.