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Lynas chairman offloads $13.5M stake February 03, 2011 07:55 AM

Yesterday shares in Lynas Corporation Ltd (ASX:LYC) fell, following news the rare earths explorer’s executive chairman, Nick Curtis, has offloaded a $13.5 million stake in the company.

Mr Curtis told Fairfax Media that investors have no cause to be concerned by the sale, adding that he has of late been prompted to consider diversifying his asset base.

On Tuesday Mr Curtis offloaded 7 million shares from his direct holding in Lynas, bringing his current direct holding to 1.1 million shares.

Fairfax says that Mr Curtis' super fund and investment company continue to retain 14.93 million Lynas shares and 31 million employee-incentive options.

On Wednesday shares in Lynas dropped 8.7 per cent, or 16.5 cents, to close at to $1.73.

In the year to 30 June 2010, Lynas Corporation booked a net loss of $43 million.

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3 comments so far
Lynas published its"Share trading policy" on 20.12.2010. It seems me to be against this policy if the Chairman of the company sells 7 million shares without giving an advance notice. It is obvious that this is a "price sensitive information": the market cap fell by about 250 million dollars! The statement of Mr.Curtis is not very convincing. Will he buy a big motoryacht or has he a better investing idea than lynas? The shareholders would appreciate to know. I wonder what is really behind the sale, especially if one considers that Morgan Stanley sold 77 million shares from September to December 2010 and so reduced its stake in Lynas from 13 to 8.4 %. Helmut Förster
Posted By:  Helmut Förster - Feb 04,2011 21:55
It would be appreciated if Mr. Curtis or any other executive employee of Lynas would provide an advance notice of large volume, Lynas stock sales in an attempt to prevent the impact of "unnecessary" volatility.
Posted By:  Al Comstock - Feb 04,2011 17:02
just what I predicted. I thought he got too many shares in his contract voted by the members. I was wandering when he would off load the shares to secure his assets.
Posted By:  paul thierjung - Feb 04,2011 07:59


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