Transfield Chairman to Sell Stock to Family Holder, Review Says Email | Print | A A A
By Angela Macdonald-Smith
Dec. 1 (Bloomberg) -- Transfield Services Ltd. Chairman Tony Shepherd plans to sell part of his holding in the company to the largest shareholder, the Belgiorno-Nettis family, the Australian Financial Review said.
Shepherd, who denied he has had to sell the stock because of a margin call, declined to say the price paid for the shares, the newspaper reported. The sale would take place after Transfield completes a A$204 million ($134 million) equity raising, it said.
Transfield's board is understood to have introduced a policy for directors not to hold any shares under a margin loan, and Shepherd confirmed he has held some stock under such an arrangement, the newspaper reported. Transfield last traded at A$3.50 in Sydney on Nov. 7 before being placed in a trading halt pending the share sale.
The Belgiorno-Nettis family may have reduced its stake to about 16.7 percent from 29 percent even after taking up part of its share entitlement, the Review said.
To contact the reporter on this story: Angela Macdonald-Smith in Sydney at [email protected]
TSE Price at posting:
$3.50 Sentiment: None Disclosure: Not Held
