Macmahon CEO sells $1.1m in shares

Macmahon Holdings chief executive Nick Bowen has sold a parcel of shares for more than $1.1 million in order to meet tax obligations.

In a notice to the Australian stock exchange, Mr Bowen advised he had sold 1.5 million Macmahon shares on-market on three separate days last week.

Mr Bowen pocketed $1.131 million from the share sale, with each share netting about 75 cents each.

Mr Bowen advised that the sale was in order to meet tax obligations in relation to the performance shares issued to him in July 2008.

Following the trade, Mr Macmahon retains nearly 15.9 million shares, or a 2.1 per cent shareholding in the company.

Shares in Macmahon closed up 1.5c to 77.5c today.