Founders sell Murray River shares two weeks after winning back control
Food & Agriculture
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The disruptive founders of Murray River Organics are selling down their stock in the dried fruit producer, two weeks after winning back control of the company.
Jamie Nemtsas and Erling Sorenson sold down following yet another revenue downgrade on Wednesday.
They’d only just wrested control of the company (ASX:MRG) back from the board members who’d booted them out.
The Jamel Family Trust, controlled by Mr Nemtsas’ wife Melanie, reduced a substantial shareholding from 8.29 per cent to 5.74 per cent.
The Sorenson Family Trust, controlled by Mr Sorenson’s wife Kim, sold 2 million shares to reduce its stake in the dried fruit purveyor from 7.83 per cent to 6.27 per cent.
The two men have not rejoined the company as board members or in management but the three new directors Andrew Monk, Steven Si, and Keith Mentiplay are associated with the founders.
The founders were pushed out after the company was forced to concede in early 2017 that the summer harvest was significantly damaged by storms.
The two founders then used their significant shareholdings to block all but one of the resolutions put forward at the AGM last year and then a bloc associated with them called a meeting to roll the board.
Murray River shares closed up 1c at 38c on Thursday. Over the last year the stock has traded between 26.9c and $1.25.