Rimes spends $3m converting IOH options

Iron Ore Holdings managing director Matthew Rimes has spent $3 million exercising options at less than half the value of the company's last traded price.

In a notice to the Australian Securities Exchange, Mr Rimes showed that he had converted 3 million options, at an exercise price of $1 each, into ordinary shares.

The options had a deadline of May 1 2010.

Shares in the Kerry Stokes majority-owned Iron Ore Holdings closed down two cents to $2.33 today.

Mr Rimes also pocketed $238,000 from the sale of 100,000 shares on-market last week.