20/03/2009 - 18:06

Western Areas chairman pockets $7m

20/03/2009 - 18:06

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Western Areas chairman Terry Streeter has sold more than 2 million shares in the nickel miner, generating proceeds of over $7 million.

Western Areas chairman pockets $7m

Western Areas chairman Terry Streeter has sold more than 2 million shares in the nickel miner, generating proceeds of over $7 million.

In a late notice to the Australian stock exchange, Mr Streeter sold 2.12 million Western Areas shares at an average price of some $3.35 per share to take home $7.13 million.

The sale leaves Mr Streeter with just over 28 million Western Areas shares valued at $93.4 million.

The sell down comes ahead of a trial between Mr Streeter and unrelated company Western Areas Exploration (WAE), which is due to start on Monday.

WAE is seeking a portion of the profits made by Mr Streeter and colleague David Cooper after both were allegedly presented with a potential nickel opportunity by three geologists.

Its claimed that Messrs Streeter and Cooper, who were both on WAE's board at the time, pursued the nickel prospect to float Western Areas NL.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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