Brockman MD in the money with exercise

Brockman Resources managing director Wayne Richards has exercised $500,000 worth of options at nearly half the price of the company's last traded share price.

In a notice to the stock market today, Mr Richards, through his spouse, exercised 1 million options at a price of 50 cents each. The options were due to expire on July 1 2012.

The company last traded at 89c, down 1.5c at 15:36 AEDT.

In the notice, the company said the $500,000 was provided by the drawdown of the Brockman Resources Employee Loan Scheme as approved by shareholders at the annual general meeting.

Following the exercise, Mr Richards holds 3 million options and 1 million ordinary shares.