Straits’ chairman Toms cashes in

STRAITS Resources Ltd’s low-profile chairman David Toms has resigned from the company’s board after selling his entire shareholding for $120 million. London-based Mr Toms is also expected to retire as chief executive of Straits’ Singapore subsidiary, Straits Asia Resources Ltd. Mr Toms joins a growing list of company directors who have taken advantage of the current boom market to cash in some of their shares. The list includes GRD Ltd’s former executive chairman Brettney Fogarty, WorleyParsons managing director Australia Peter Meurs, Monadelphous chairman John Rubino, and IBT Education founders Peter Larsen and Peter Campbell. Mr Toms joined Straits at its inception in 1992 and has worked with managing director Milan Jerkovic to create a large and diversified mining group with interests in copper mines, a gold mine and coal mining. Mr Toms, who owned about 16 per cent of Straits, sold his shareholding this week in a sale managed by Austock Securities. He sold the 30.6 million shares at $3.93, a discount to the prevailing market price of $4.35. The company said there was strong demand, which resulted in the shares being placed with a range of domestic and international investors.