American Barrick Resources (TSE) Chairman Peter Munk recently invested almost $6 million to exercise an option to purchase one million shares of Barrick’s oil refining affiliate Horsham (TSE).
Munk already holds all of Horsham’s 7.5 million multiple voting shares which are in turn convertible into subordinate voting shares on a 1-for-1 basis.
By exercising options granted four years ago to purchase the subordinate voting shares at $5.63 each, Munk has increased his stake in the company to about 10%. Horsham’s 80 million outstanding subordinate voting shares were trading recently at around $9.50 in a 52-week range of $11.75 and $8. In addition to its oil refining assets, Horsham owns a 20.4% controlling interest in American Barrick.
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