Several senior Carter Holt Harvey executives and a company trust yesterday sold their shares into Graeme Hart's $3.3 billion takeover offer for the forestry giant.
The executives included: former chief executive of CHH's Lodestar logistics wing Ewen Anderson, who sold 1350 shares; manager of government relations Bruce Chapman, who sold
750 shares; pulp and paper chief executive Brice Landman, who sold 20,100 shares; and general manager of environment Panu Raea, who sold 2100 shares.
Chapman and Landman declined to explain the sales. Both said they were a private matter. Anderson and Raea were not available.
The SGP trust, which was set up to help pay bonuses for senior executives, sold its entire holding of 21.7 million shares.
CHH general counsel Nicolas Short, one of SGP's three trustees, said he had not participated in the discussion of the share sale as he was a senior employee. Meanwhile, the other trustees had not communicated their justification for the sale.
Graeme Hart's private company, Rank, has offered $2.50 for all the forestry giant's outstanding shares. At last count, he had almost 70 per cent acceptance of his offer, including the 51 per cent stake formerly held by International Paper. CHH shares yesterday closed down 1c a $2.51.
