Coote MD sells $4m worth of shares

Managing director Michael Coote has sold over $4 million of Coote Industrial shares to a family trust.

In a notice to the Australian Securities Exchange, Mr Coote revealed that the Ganesha Family Trust had picked up 32 million shares at a cost of $4.16 million.

The Trust now holds 34.64 million shares.

Additionally, Mr Coote bought $12,000 buying 80,000 shares on market, at a price of 15 cents each.

Shares in Coote were down one cent at 17c at 14:26 AEDT.

Comment was being sought from Mr Coote at time of publishing.

At the end of the transaction, Mr Coote held 42.59 million shares in the company through direct and indirect interets.

Coote has 116.48 million shares on issue and a market capitalisation of $19.8 million.

Yesterday, shareholder Gragher Capital ceased to be a major stakeholder after selling 2.31 million shares for $485,802.82 through an on market transaction.