Billionaire Chris Ellison cuts stake in Australian miner MinRes, shares down
Mineral Resources founder and billionaire Chris Ellison sold shares worth A$122.5-million in the Australian miner earlier this week, an exchange filing showed on Friday, sending its shares tumbling 7%.
Ellison sold 1.75-million MinRes shares at an average of A$69.98 apiece.The disposal brought down Ellison's stake to 10.54% from about 11.4%.
MinRes shares tumbled as much as 7.1% to A$65.16 in early trade, hitting their lowest level since May 1, and making them among the top losers on the benchmark ASX 200 index.
The stock was headed for its largest single-day decline since March 9.
Ellison, who led MinRes through its initial public offering in 2006 and remains its biggest shareholder, was tied to scandals nearly two years ago for tax evasion and other misconduct.
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