Gutnick shows magic touch in offloading wedge of Merlin
He got a guernsey due to his Legend International Holdings' sale of a chunk of Merlin's capital to offshore interests.
Merlin, which has diamond interests in the Northern Territory, is the subject of a paper takeover offer from a company listed on the Singapore stock exchange.
Elsewhere on the disposals front, Michael Kay resumed selling scrip in McMillan Shakespeare, a salary-packaging concern. The transaction continues the extraordinarily successful playing out of an options issue to Kay when he took the reins at McMillan in 2008.
The board let him choose the exercise price of nearly 4 million options and he nominated $4.70 an option - nearly double what McMillan scrip was fetching in the market at the time.
Kay has just disposed of stock at $14.41 - compared with a recent high of $15.57 - and shareholders who have stuck with him since July 2008 are looking at around 52 per cent compound a year growth in the share price.
Also helping to boost the selling tally was Bruce McWilliam, an executive director at Seven Group, who exercised options at $8 apiece and sold the shares at close to $11 each.
Ryan Mount, chief of Axiom Mining, which has a nickel deposit in the Solomon Islands, sold most of his shares and said he had done so to "satisfy personal financial obligations".
"Mr Mount is fully committed to leading the operations of the business as evidenced by his recent signing for a further three-year term as CEO," a statement from the company said.
Fiona Harris opened her account at Oil Search following her appointment to the board this month, joining Richard Lee, the chairman, as a recent buyer.
Elsewhere, Bruce Ballantine Teele resumed selling Djerriwarrh shares.
Frequently Asked Questions about this Article…
Joseph Gutnick, via Legend International Holdings, sold a chunk of Merlin capital to offshore interests this week, making him one of the prominent sellers driving market activity.
Yes — Merlin, which has diamond interests in the Northern Territory, is the subject of a paper takeover offer from a company listed on the Singapore stock exchange, according to the report.
Michael Kay resumed selling scrip in McMillan Shakespeare after previously being granted nearly 4 million options; he chose an exercise price of $4.70 per option back when he took the reins in 2008 and has since disposed of stock at about $14.41, reflecting the options’ significant contribution to his shareholdings.
Shareholders who stayed with McMillan Shakespeare since July 2008 are looking at roughly 52% compound annual growth in the share price, based on the figures cited in the article.
Bruce McWilliam, an executive director at Seven Group, exercised options at $8 apiece and sold the resulting shares at close to $11 each, contributing to this week’s selling tally.
Ryan Mount sold most of his Axiom Mining shares to 'satisfy personal financial obligations.' The company stated he remains fully committed to leading operations and has signed on for a further three-year term as CEO.
Yes — Fiona Harris opened an account and bought Oil Search shares following her recent appointment to the board, joining chairman Richard Lee among recent buyers.
The article shows several types of insider selling: option exercises and planned disposals (McMillan Shakespeare, Seven Group), personal financial needs (Axiom Mining), and opportunistic sales (others). For everyday investors, that means insider sales can stem from a variety of reasons and don’t always signal a lack of confidence — it’s important to consider the context of each sale before making investment decisions.
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