A2 Corp’s Babidge, Mair take advantage of soaring price to sell 6M shares
Sept. 4 (BusinessDesk) – A2 Corp managing director Geoffrey Babidge and director David Mair have taken of a 38 percent surge in the share price of the dairy marketing company to trim their holdings.
Babidge’s GHB Investment Trust sold 4 million shares, leaving it with 6 million, the Sydney-based company said in a statement. Mair’s DM2 Investment Trust sold 2 million shares, leaving it with 5 million. Combined the sales amounted to 0.9 percent of shares on issue.
Babidge was issued with 10 million partly paid shares at an issue price of 10 cents apiece in August 2010 and Mair got his 5 million shares on the same basis in 2009, when he was an executive director.
Two trades of 4 million and 2 million shares are recorded pre-market today at 70.5 cents a share, or a total of $4.2 million, making it the heaviest daily volume since March.
The two trusts don’t plan to sell more shares in the foreseeable future, the company said.
Babidge’s holdings are to be topped up again, as the board has conditionally approved the issue of a further 5 million partly paid shares, subject to shareholder approval at their annual meeting on Nov. 19.
Last month A2, which markets milk products with a protein variant claimed to have health benefits, reported a 6.5 percent decline in annual profit as the cost of setting up its UK joint venture ate into the bottom line. It didn’t declare a dividend. Sales jumped 48 percent in Australia, its biggest market.
A2 shares fell 2.7 percent to 73 cents today.