19/11/2007 - 15:32

Mineral Resources directors, managers offload $66m shares

19/11/2007 - 15:32

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Mineral Resources Ltd directors led by Chris Ellison have sold $36.5 million worth of shares after the scrip came out of escrow, following the release of the company's full year results.

Mineral Resources Ltd directors led by Chris Ellison have sold $36.5 million worth of shares after the scrip came out of escrow, following the release of the company's full year results.

In addition, Bob Gavranich and Steve Wyatt - two of Mineral Resources' founders and current general managers - have each sold three million shares for $15 million, taking the total sale proceeds to $66 million.

The company surpassed its prospectus forecast by almost 50 per cent and delivered a net profit of more than $20 million.

Executive director Chris Ellison sold 5 million shares off-market realising $25 million. He retains 44 million shares in the mining services company valued at $246 million today's share price.

Managing director Peter Wade disposed of 2 million shares off-market for $10 million; he now owns 6.1 million shares in the company valued at $34 million.

Mineral Resources chairman Michael Kiernan sold 250,000 shares for $1.2 million and retains 500,000 shares worth $2.8 million.

Mr Wyatt's family trust retains 13.7 million shares, equal to an 11.3 per cent stake in the company, while Mr Gavranich's family trust retains 11.1 million shares, or 9.14 per cent.


 

 

 

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