crash costs allan gray and qrx directors $17m

In the sequel to today's 80pc QRX share crash, chief shareholder, Allan Gray Australia, has dropped $11.7m.

And QRX's five directors have dropped a painful $5.7m.

CEO, Dr John Holaday, is the biggest loser.

Value of his family holding of 7.6m shares has fallen $4.3m.

Dr Peter Farrell's stake is down $464,000, Dr Peter Pace's stake is down $352,000, Michael Quinn's is down $295,000 and Peter Campbell's is down $261,000.

Interests associated with LA Walker and the Auckland Trust Co have dropped $8.1m.

And 2500 other shareholders are deeply wounded, in need of healing.

Allan Gray Australia would appear to hold its a shares through HSBC Custody Nominees.

Between September and November last year it topped up with 3.2million shares costing $2.2m.

An offshoot of global fund manager, Orbis Group, Allan Gray is run by Simon Marais.

In a report published in The Australian last October analyst, James Dunn, described Marais as a "deep-value" contrarian and an "activist".

Back in February last year, Allan Gray owned nearly 20pc of regional newspaper group APN News & Media.

Marais teamed up with Denis O'Brien's Independent News and Media of Ireland, which owned 31pc of APN, to block APN's plans for a capital-raising.

They requisitioned an extraordinary general meeting of shareholders, which led to a "spill" of the board.

APN's chairman, chief executive and three independent directors resigned.

Marais has had high-profile battles with boards at Fairfax Media, Spotless, Tassal and PaperlinX.

Will Marais' next battle be with the board of QRX?

"Patience has its limits", James Dunn says.

"When a company is not performing, Marais, who oversees a group with $3.7 billion in assets in Australia, is happy to be an "activist" shareholder.

"And if that means forcing out a chairman, chief executive and other directors, then so be it."