Klaus Eckhof sells half his stake in lithium play AVZ; shares sink 42pc
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AVZ Minerals’ shares slumped more than 42 per cent after chairman Klaus Eckhof sold over half his shares in the Congo-focused lithium explorer.
The off-market sale of 32.5 million shares netted Mr Eckhof roughly $4.6 million.
The ASX queried AVZ (ASX:AVZ) over the share price dip, which went as low as 8.8c on Thursday from the open price of 12.5c.
In the past year AVZ’s share price has rocketed over 1000 per cent to a 52-week peak of 37c.
The company ended Thursday at 9.5c — down almost 21 per cent — valuing the company at around $177.5 million.
AVZ said in its response to the ASX that it was not aware of any information concerning it that had not been announced that could be an explanation for the recent trading in its securities.
But it did make mention of the change to Mr Eckhof’s holding in the company.
The company is working towards a maiden lithium resource at its Manono project in the Democratic Republic of the Congo, which is due out in July.
Stockhead is seeking comment from Mr Eckhof.