Twiggy's Spending Spree Hits AU$100m

IRJ -- June 28 -- Andrew Forrest’s buy up of Fortescue stock continued, with the Fortescue Metals Group chairman dropping more than AU$100 million on almost 22 million of the miner’s shares in the past week ahead of the end of the Australian financial year.

 

According to a substantial shareholder notice filed with the Australian Securities Exchange yesterday, “Twiggy” Forrest bought AU$43 million worth of FMG stock – just over nine million shares – earlier this week. This follows a notice filed on Tuesday stating that the billionaire had spent AU$62 million on 12.8 million shares between June 20 and 25. The spending spree ups Forrest’s stake in FMG to more than a billion shares, which translates to 32.2 per cent.

 

Forrest’s stock buy-up comes amid market unease at China’s slowing growth and subsequent cooling demand for iron ore.

Speaking exclusively to IRJ, Fortescue Director Developments Peter Meurs said of Forrest’s purchases “there’s no-one that understands Fortescue better, and if he’s buying stock he obviously sees the great potential and value that all of us see in the company.