Sharechat Logo

A2 Corp's Babidge, Mair take advantage of soaring price to sell 6M shares

Wednesday 4th September 2013

Text too small?

A2 Corp managing director Geoffrey Babidge and director David Mair have taken advantage 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.

BusinessDesk.co.nz



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

A2 shares touch record-high as investors buy into growth story
A2 FY profit slips on cost of setting up UK joint venture, sales jump 51 percent as Australian shines
A2 first-half profit dented by UK joint venture, affirms annual earnings target of $11.2M
A2 to raise $20M in placement, big shareholders sell down
A2 Corp mulls capital structure in face of growth opportunities
A2 Corp, in talks to move to main board, halts shares pending statement
A2 in talks with NZX about shifting to main board
A2 Corp to take control of NZ marketing; enter North America, Europe
A2 Corp talks up Chinese infant formula market potential
A2 more than doubles FY profit as Australian sales surge