Herald Resources Ltd chairman and managing director Terrence Allen has pocketed over $42 million after accepting the takeover offer from Antam-Zhongjin.
In notices to the market late this afternoon, Mr Allen along with his associates ceased to be a substantial shareholder of Herald with the sale of over 15 million shares.
Antam is currently offering $2.80 cash for each Herald share, while its rival PT Bumi Resources Tbk recently increased its offer to $2.85.
Mr Allen still holds onto 1.5 million options which are exercisable at 69c each at December 2009.
Meanwhile Mr Allen and associates also ceased to be a substantial shareholder in Jaguar Minerals Ltd via its sale of Herald shares.