Boss Energy stock dives after CEO, chair offload shares
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The news: Boss Energy shares tumbled on the ASX after the uranium company's managing director and CEO Duncan Craib, chair Wyatt Buck and director Bryn Jones each sold a portion of their shareholdings.
The numbers: Boss confirmed that Craib sold 3.75 million shares and retained 1.43 million after the transaction, with "no intention to sell any further shares in the medium term".
Craib's share sale was worth around $21.1 million, while Buck sold $1.64 million and Jones sold $3.38 million.
The company said that as at 31 March, it had no debt and $398 million in liquid assets.
Shares were down 9.6% to $4.83 by 1:55pm AEST.
The context: Boss said that several years ago the board of directors made personal commitments not to sell any shares until its wholly owned Honeymoon uranium mine in South Australia began production.
Last month, the company announced the site had produced its first drum of uranium and also expects its 30% owned Alta Mesa Uranium Project in South Texas to "imminently commence production".
The uranium explorer said its board is acting to ensure Craib and the rest of the executive team are incentivised and aligned for the company's next stage of expansion and growth.
The source: ASX announcement
