Home
Investment
News & Views
Company News
news storage
McGay reduces holding in Mongolian explorer
Wed, 08 Feb, 2012
INVESTMENT NEWS
Company Search
Search QCK.COM
Investment Home
News & Views
Top Stories
Charting
Company Search
Watchlist
Market Reports
Market Buzz
Company News
Economic News
New Issues
Other News
McGay reduces holding in Mongolian explorer
Mon, 1 Mar 2010, 17:24:00
Chief executive Douglas McGay's shareholding in Mongolian oil explorer
Petro Matad
has reduced by 1.8m shares. McGay has an interest in Investec Sino Corporation which sold 800,000 Petro Matad shares for 30p each, thereby raising £240,000. He has transferred his interest in Titoni Corporation, which owns 1m Petro Matad shares, so he is no longer deemed to own these shares. There is no indication what McGay received in return for transferring his interest in Titoni. McGay retains 3.95m shares in Petro Matad McGay purchased 150,000 shares at 10p each in March 2009. McGay used to run his own mining and engineering surveying practice in Kalgoorlie, Australia. He sold this business in 1988 and went to live in Mongolia in 1997. Isle of Man-registered Petro Matad is managed in Mongolia. The main shareholder is Petrovis, the largest importer and distributor of petroleum products in Mongolia. Petrovis sold 5.8m shares in January and owns just over 37% of Petro Matad. Petro Matad's main assets are three production sharing contracts. One is in the far east of Mongolia near to the Chinese border and the other two are in central Mongolia. Revenues are minimal.
Top Director Sells
Associated British Foods (ABF) Director name: Mr John Bason Amount sold: 147,500 @ 937.00p Value: £1,382,075 Petro Matad (MATD) Director name: Mr Douglas John McGay Amount sold: 800,000 @ 30.00p Value: £240,000 Jarvis Securities (JIM) Director name: Mr M J Edmett Amount sold: 15,000 @ 140.33p Value: £21,050
©2004-2009 QCK.com