Lynas chairman offloads $13.5M stake

Company News

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.