LONDON (SHARECAST) - Non-executive director Dimitrios Koutras has made a £23m profit on European Goldfields shares he bought in November 2008.
Koutras sold 6,684,641 shares at 435p a share to institutional investors, thereby widening the shareholder base of the gold miner and explorer.
The sale raised £29.08m.
That takes his
stake in European Goldfields back to 5.7%, which he
describes as his
has no intention of selling any more shares.
bought exactly the same number of shares during November 2008 at a total cost of just over £6m.
points out that the purchase was made at a time when the management needed to indicate its support for the company.
That means that Koutras
made a profit of £23m in less than 18 months.
European Goldfields' largest shareholder Aktor Constructions International, which has a 19.4% stake, says that it has no plans to sell shares.
Koutras joined the European Goldfields board in November 2004 and was chairman until last October.
He is also president of Aktor.
Director name: Mr Dimitrios Koutras