Boss who accidentally sold his shares and lost £17,000

THE chairman of AIM-listed Caledonia Mining was left redfaced and around £17,000 out of pocket yesterday after his broker sold his entire shareholding in the firm without his knowledge.

American Leigh Wilson, 70, who first joined the Toronto and London-listed firm in 2008, was forced to announce that his broker had sold 75,200 shares – his entire stake – for around £33,000 between February 26 and March 2. The average sale price of the shares was around 63 cents a share. But to add further to his embarrassment shares in the firm that operates a gold mine in Zimbabwe have risen more than 45pc since then, meaning Wilson has missed the chance of making an extra £17,000.

And to add to his woe Wilson will have to buy back shares in the open market to build up his stake.

It is seen as bad form for a member of the board to have sold shares in a business as it sparks concerns from shareholders that they are no longer committed to the company but Caledonia said Wilson was not aware of the sale of all his shares until last Friday.

Wilson has held a series of jobs in the financial sector including at Union Bank of Switzerland, running Paribas Group’s North America division in the 1980s, and is chief executive of New Century Home Health Care.

He received the Mutual Fund Trustee of the Year Award from Institutional Investor Magazine ten years ago.

He rejoined Caledonia as a nonexecutive in 2012 and became chairman in 2013.

Caledonia reported a 5.4pc first quarter rise in gross profits last week and production rose more than 8pc to 10,822 ounces. It plans to produce 50,000 ounces this year, a 16pc rise on the previous year. Shares were flat at 68.5p.