06/03/2009 - 13:34

Paladin chairman sells $1.4m of shares

06/03/2009 - 13:34

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Paladin Energy chairman Rick Crabb has sold shares in the company valued at just over $1.4 million to improve his "personal balance sheet".

Paladin Energy chairman Rick Crabb has sold shares in the company valued at just over $1.4 million to improve his "personal balance sheet".

In a notice to the Australian stock exchange, Mr Crabb sold 500,000 Paladin shares at an average price of $2.86 each. After the sale, Mr Crabb held over 5 million shares.

At 15:38 AEDT, shares in Paladin were trading at $2.81.

Mr Crabb told WA Business News the trade is the first time he has sold shares in the company in around five years.

"No particular reason why I've sold, these are interesting times, got continuing investments in other companies, we're also building a house," he said.

Mr Crabb added the sale proceeds are not towards legal action he and Deep Yellow director Gillian Swaby are taking against Merrill Lynch.

Last year, Merrill was forced to sell shares held by collapsed margin lending business Lift Capital after McGrathNicol was appointed as administrator in April.

Ms Swaby and Mr Crabb, both former clients of Lift, have both claimed that Merrill did not have the right to sell the shares, which were the subject of margin loans with Lift.

Mr Crabb today said he does not hold any margin loans, preferring to stick with traditional methods.

He added that one of the reasons he felt comfortable selling the shares was that Paladin was travelling well.

 

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