1. Most Discussed
  2. Gainers & Losers
AAC $1.38

director sell shares

  1. arthur

    7,396 Posts.

    Could be one to keep an eye on










    Cattle man quits board, sells stock March 27, 2004


    By Sue Peacock


    PETER Holmes à Court will step off the board of cattle company Australian Agricultural Company on June 30, less than six months after his shock departure as the company's chief executive.

    His resignation as a director came as he offloaded shares worth $5.4 million, just under a third of his 8 per cent holding in the cattle empire.

    The company's second biggest shareholder described the sale of 4.5 million shares at $1.20 - from a total holding of 15 million shares plus eight million $1 options - as "ordinary practice".


    "It is just part of the transition from being an executive director to a non-executive director," Mr Holmes à Court said.

    The theatre producer turned theatre baron said yesterday he had only stayed on the board to ensure a smooth transition for his successor Don Mackay.

    "That has happened . . . and it is time to give Don the head space to get on with it," he said.

    At the time of his January resignation as chief executive, Mr Holmes à Court said he looked forward to continuing to support the company and management as a non-executive director and major shareholder.

    A decision by the AACo board to relocate its head office from Sydney to Brisbane sparked his exit from the top job.

    He said at the time he had no desire to move his young family to Queensland.

    Shares in Australia's oldest company closed yesterday unchanged at $1.15, with the announcement of Mr Holmes à Court's resignation and sell down made after the market had closed.

    AACo shares have fallen from a high last month of $1.38, carving more than $3 million from the value of Holmes à Court's holding.

    The eldest son of the late corporate raider Robert Holmes à Court secured his stake in the company via a limited recourse loan from Futuris Corporation, which allowed him to buy 15 million $1 shares in the 2001 float of the pastoral company out of the Futuris stable.

    In January, he said he was negotiating with National Australia Bank to refinance the loan.

    As for his future plans, Mr Holmes à Court said he was still "looking at opportunities" after a 2½ week trip to the US and Britain.

    "It has only been three months and I am very fortunate that we are in a period of low unemployment," he said.

    "There are some great opportunities out there but I am not going to make a quick decision."

    AACo posted a first half loss of $2.9 million due to costs associated with the drought and its failed bid for AMP's Stanbroke Pastoral empire.

    It still expects a full year profit 15 to 25 per cent above the 2003 net profit of $18.3 million based on positive currency movements and strengthening cattle prices.




    © 2004 West Australian Newspapers Limited
    All Rights Reserved.

DISCLAIMER:
Before making any financial decisions based on what you read, always consult an advisor or expert.

The HotCopper website is operated by Report Card Pty Ltd. Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, you should before acting on the information or advice, consider the appropriateness of the information or advice in relation to your objectives, financial situation or needs. Please be aware that any information posted on this site should not be considered to be financial product advice.

From time to time comments aimed at manipulating other investors may appear on these forums. Posters may post overly optimistic or pessimistic comments on particular stocks, in an attempt to influence other investors. It is not possible for management to moderate all posts so some misleading and inaccurate posts may still appear on these forums. If you do have serious concerns with a post or posts you should report a Terms of Use Violation (TOU) on the link above. Unless specifically stated persons posting on this site are NOT investment advisors and do NOT hold the necessary licence, or have any formal training, to give investment advice.

Top

Thank you for visiting HotCopper

We have detected that you are running ad blocking software.


HotCopper relies on revenue generated from advertisers. Kindly disable your ad blocking software to return to the HotCopper website.

I understand, I have disabled my ad blocker. Let me in!

Need help? Click here for support.