CSL chief raises $8.4m from share saleELI GREENBLATMarch 19,...

CSL chief raises $8.4m from share sale
ELI GREENBLAT
March 19, 2010 - 2:44PM

Long-serving CSL chief executive Brian McNamee has raised $8.4 million from the sale of a portion of his CSL holdings as shares in the blood plasma company rally to a 12 month high.

Documents lodged with the Australian Securities Exchange in the afternoon show Dr McNamee sold 232,500 ordinary shares at an average price of $36.14.

Earlier Dr McNamee informed the market he had earned 232,500 ordinary shares as part of his performance rights plan and after meeting a number of performance hurdles.

Shares in CSL were trading at $35.98 this afternoon.

According to his director interest documents, Dr McNamee still owns 836,669 million ordinary CSL shares as well as 119,240 performance rights and 411,740 performance options.

Dr McNamee joined CSL as its boss aged only 33 when it listed in 1994.

Last month CSL reported a 23 per cent rise in half-year profit to $617.4 million as revenue rose 2 per cent to $2.415 billion.

CSL has delivered a 17 per cent return to investors over the last year.

In 2005 Dr McNamee sold $17 million worth of his own CSL shares, representing about 55 per cent of his holding in the company at the time.