21/03/2012 - 15:41

Robb sells $5m Iluka shares but due to get more

21/03/2012 - 15:41


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Robb sells $5m Iluka shares but due to get more
Iluka managing director David Robb.

Iluka Resources managing director David Robb has become the latest in a string of WA company directors to offload a multi-million dollar parcel of shares.

The company announced today Mr Robb had sold 293,776 shares raising $4.9 million “to meet tax liabilities and for financial planning purposes”.

The company also disclosed that Iluka’s board has approved the awarding of 250,000 share rights to Mr Robb, under the terms of his long term incentive plan. The share rights will vest as ordinary shares and be transferred to Mr Robb in March 2015.

In addition, Mr Robb will receive 52,332 shares under the terms of his short term incentive plan.

These awards follow a bumper year for Iluka, which reported strong profit growth on the back of higher mineral sands prices and more efficient operations.

The company said that taking account of all these transactions, there will be a small net increase of 8,566 shares in Mr Robb’s “share-based exposure to Iluka’s performance”.

Mr Robb's share sales follows large share sales by five directors at three other listed companies.

The biggest sellers were at highly profitable mining and mining services contractor Mineral Resources, with managing director Peter Wade selling $25 million worth of shares earlier this month.

Fellow directors Mark Dutton ($6.2 million) and Joe Ricciardo ($5.3 million) were also big sellers this month.

Tox Free Solutions director Steve Gostlow sold $967,000 worth of shares, to fund the planned exercise of share options.

Kagara director Kim Robinson was forced to sell $910,000 worth of shares to meet a margin call, following sharp falls in the mining companies' share price.






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