04/10/2016 - 14:01

RCR boss sells down stake for $5m

04/10/2016 - 14:01

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RCR Tomlinson managing director Paul Dalgleish is no longer a substantial shareholder in the engineering group after selling $5.2 million worth of shares.

RCR boss sells down stake for $5m
RCR Tomlinson managing director Paul Dalgleish.

RCR Tomlinson managing director Paul Dalgleish is no longer a substantial shareholder in the engineering group after selling $5.2 million worth of shares.

 Mr Dalgleish sold 2 million ordinary shares in RCR at $2.60 each, which has reduced his stake in the business from 5.9 per cent to 4.5 per cent.

However, he remains a top five shareholder with about 6.3 million shares which, at the same price, are worth about $16.4 million.

In a brief statement, Mr Dalgleish said as a top shareholder he remained strongly committed to the future growth of RCR.

“Proceeds from the sale will be used primarily to fund commitments to the Australian Taxation Office,” he said.

Mr Dalgleish is a frequent trader in RCR stock, having made numerous trades in the past few years.

One of his more sizable transactions occurred in October 2013, when he exercised a number of options and performance rights and simultaneously sold ordinary shares to fund the exercise, netting him about $10 million worth of RCR shares (value at the time) at zero cost.

In September 2014, he exercised about 1.3 million options worth about $3.9 million.

Mr Dalgleish made a similar transaction in September last year, when he exercised 1.4 million options worth $2.3 million.

RCR shares were 1.7 per cent lower to $2.78 each at the close of trade.

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