Beament offloads shares

NORTHERN Star Resources executive chairman Bill Beament has sold one million shares in the gold miner as the stock reached an all-time high.

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The shares were sold for an average A$5.94 per share for proceeds of $5.94 million.

Beament will use the proceeds to repay a significant portion of a loan advanced to him by Northern Star under the company’s long-term incentive scheme.

It is only the third time Beament has sold shares in the company he joined over 10 years ago, netting around $24 million from two previous sales in August 2012 and November 2015.

Beament retains 9.7 million Northern Star shares, making him around the sixth-largest shareholder with a 1.6% stake, as well as three million unvested performance rights.

“In the past seven years, Mr Beament has overseen the transition of Northern Star from a shell...