Nufarm chief executive Doug Rathbone has decided to sell $41 million worth of stock in the agricultural chemical company to meet personal debt repayments.
The Australian reports that Rathbone, the long-term chief of Nufarm, will offload around 11 million shares, or around 5 per cent of the company. Stockbroker Credit Suisse is running a bookbuild on behalf of Mr Rathbone to find buyers for the shares.
"I am pleased to have resolved the refinancing of my personal and family business obligations after having explored a range of alternatives over several years," Mr. Rathbone said in a statement.
Since 2008, Rathbone has sold more than $175 million worth of Nufarm stock.
The SMH reports that Rathbones decision follows a weak full year profit result for Nufarm. Factors that contributed to the bad year included hot weather in Australia and the agricultural chemical company’s loss of the distribution rights for Monsanto’s Roundup weed killer.
In the past year Nufarm stock has dropped 30 per cent to $4. Last week the company downgraded earnings and said that first-half earnings before interest and tax would be at the lower end of the range ($50 million - $60 million) it forecast at its general meeting in December.