Two directors of Whitehaven Coal Ltd
(ASX:WHC) are set to make a combined $52 million from the sale of 8.7 million shares in the company.
The company says entities associated with managing director Tony Haggarty and executive director Andy Plummer have sold the shares to finance the exercise of options vested in the entities under the terms of the Equity Participation and Option Deed and for other private needs.
The shares were sold at a price of $4.66 each to a range of institutional investors, and the directors will use the money from the sale to fund the exercise of options over 7.326 million Whitehaven shares.
The options will deliver gains of over $26 million to each director, at current share prices, and are the result of an agreement signed prior to the coal mine operator floating in 2007.
Whitehaven Coal Ltd posted a profit of $244.21 million for fiscal 2009.
