Sayers sells $101m Ausdrill stake

UPDATED: Ausdrill’s outgoing managing director Ron Sayers received $101.4 million overnight after selling his 10 per cent stake in the company he founded.

The company said Mr Sayers' 37.3 million shares had been sold to a number of institutional investors, at an average price of $2.73.

Mr Sayers announced his retirement earlier this month, giving 12 months’ notice, after 30 years at the helm.

The company founder said he did not want his shareholdings to cause any distractions for the company.

"My decision to sell my shares in Ausdrill overnight was taken in view of the limited trading windows available to me in the next 12 months, as leadership of the company transitions and I move into retirement,” Mr Sayers said

“Further, following my decision to retire, I also wanted to ensure that speculation regarding a sale of my shareholding did not distract investors from the strong ongoing performance of the business.”

Yesterday, Ausdrill reported an after-tax profit of $35.3 million, up 163 per cent on the previous corresponding period, with revenue jumping 17.9 per cent to $439.7 million.

Ausdrill said it had commenced its search for a replacement for Mr Sayers.

“I remain fully committed to the company I founded until a new managing director is ready to assume leadership,” Mr Sayers said

“I am very proud of what Ausdrill has achieved in the 30 years that I have led the business and the sale of my shares and transition of leadership comes at a time when Ausdrill's future is very bright, as demonstrated by the company's result yesterday."