Chris Ellison backer L1 Capital sells MinRes stock following share price rebound
A sharp rebound in Mineral Resources’ share price has seen the company’s top shareholder, besides Chris Ellison, cash out over the past week to the tune of $71 million.
Melbourne-based stock picker L1 Capital has reaped $70.9m from selling down a chunk of its stake in MinRes since last week at an average of about $34 per share. It also sold approximately $21m worth of MinRes stock across June and July.
L1’s holding in the lithium and iron ore major has been whittled down from a 9.2 per cent peak in March to 7.8 per cent currently. L1 emerged as a major shareholder in MinRes during October, just days after news of Mr Ellison’s tax dodging scandal broke.
The investment manager steadily built up a MinRes stake over the next few…
