Roberts picks up $30m in shares in major miner
Shareholders who like their company’s non-executive directors to have skin in the game should have no cause for complaint with Tim Roberts.
The billionaire Multiplex heir splurged nearly $30 million last week on shares in iron ore and lithium miner Mineral Resources.
A declaration to the Australian Securities Exchange yesterday said Mr Roberts acquired the stake through an off-market transaction on November 28.
His private company Kingfisher Capital paid an average $14.80 a share.
The purchase gives the son of the late Multiplex founder John Roberts a stake of about one per cent in Mineral Resources.
Managing director and fellow rich lister Chris Ellison is the biggest share-holder with an 11.6 per cent stake. Mr Roberts has been a non-executive director at MinRes for two years.
Until last week he held about $104,000 in shares.
The transaction followed MinRes sewing up a $US1.15 billion deal to sell a 50 per cent stake in the Wodgina lithium project to US chemicals giant Albemarle.
The miner’s share price is down 30 per cent this year. The shares closed down 25¢, or 1.7 per cent, to $14.60 yesterday.