INSIDER TRADING — Cyprus execs exercise options

After accepting a takeover offer by Phelps Dodge (PD-N), executives of Cyprus Amax Minerals (CYM-N) exercised options worth millions.

Jeffrey Clevenger, officer, exercised 237,500 options at US$10.13-15.56 and sold the resulting shares at US$20.16 each, plus 51,200 shares at US$19.63-19.90 to hold 57,953 shares; Gerald Malys, officer, exercised 236,250 options at US$10.13-15.56 and sold the shares at US$20.16 to hold 114,850 shares directly or indirectly; Philip Wolf, officer, exercised 156,750 options at US$10.13-15.56 and sold the shares at US$20.16, plus 70,798 shares at US$19.63-20.31, to hold 48 shares; Robin Hickson, officer, exercised 93,000 shares at US$10.13-15.56 and sold the shares at US$20.16 to hold 47,776 shares in all; David Watkins, officer, exercised 90,000 shares at US$10.13-15.56 and sold the shares at US$20.16, plus 22,098 shares at US$20.25-20.50, to hold 32,870 shares in all; Farokh Hakimi, officer, exercised 55,500 options at US$10.13-15.56 and sold the shares at US$20.16-20.56 to hold 15,000 shares in all; John Taraba, officer, exercised 93,500 options at US$10.13-15.56 and sold the shares at US$20.16 to hold 49,947 shares in all.

Other transactions reported by the US Securities Commission include the following:

• MK Gold (MKAU-Q) — Leucadia National, owner of more than 10% of the company, purchased 18 million shares at US88 cents to hold 27.1 million shares, or 72.5%.
• Southern Peru Copper (PCU-N) — Robert Pritzker, director, indirectly sold 200 shares at US$16.06 to hold 2.85 million shares in all.
• U.S. Gold (USGL-O) — Douglas Newby, director, exercised 37,500 options at US16 cents and sold 25,000 shares at US22 cents to hold 12,500 shares.

  Meanwhile, the following transactions were reported north of the border:

• Pan American Resources (PAN-M) — Arthur Griffis, director, bought 494,500 shares indirectly at 11-15 cents to hold 3.02 million shares in all; and Dino Titaro, director, sold 54,800 shares directly at 13 cents and 60,000 shares indirectly at 13 cents to hold 140,200 shares in all.
• William Resources (WIM-T) — Stan Bharti, director, was granted 10 million options with an unspecified strike price to hold 11.37 million options; Mary Batoff, officer, was granted 3 million options to hold 3.11 million; George Faught, director, was granted 3 million options to hold 3.63 million; Kenneth Taylor, director, was granted 2 million options to hold 2.27 million; Peter Bojtos, director, was granted 2 million options to hold 2.33 million; Risto Laamanen, director, was granted 1 million options to hold 1.25 million; and Lars Vannman, director, was granted 1 million options to hold 1.43 million.