Mineral Resources shares fall after founder Chris Ellison sells $122.4m stake
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The news: Mineral Resources’ share price fell in morning trade after founder and managing director Chris Ellison sold $122.4 million worth of shares in the lithium and iron ore miner.
The numbers: Between 11 May and 14 May, 1,750,000 shares indirectly held by Ellison through Sandini Pty Ltd as trustee for ATF Karratha Rigging Unit were sold on-market. The weighted average price of sale, excluding brokerage, was about $69.98, putting the total value of the sale at about $122.4 million.
Ellison remains the company’s largest shareholder. He still holds 20,834,661 shares, which is 10.54% of issued capital.
At 11:14am AEST, shares in Mineral Resources had fallen 6.2% to $65.79.
The context: Mineral Resources told the exchange this is Ellison’s first sale of the company’s shares since December 2017 and the decision was for “personal financial planning purposes, including the establishment of a family office”.
The company also stressed that the sale was in line with Mineral Resources’ securities trading policy.
The source: ASX
