One of the most beautifully honest ASX announcements of all-time was released to the market on Friday, courtesy of health products company Blackmores.
The company was announcing that its Chairman, Marcus Blackmore, had sold 150,000 shares in the company.
Now, normally a key executive selling shares would make shareholders nervous that bad news was on the way, or that the top dog might have an eye on the exit. But not in this case.
To allay those fears, Blackmore penned a short note to the ASX, stating, “I have sold 150,000 Blackmores shares to reduce my level of personal debt and to fund the purchase of a new yacht.”
A very refreshing bit of honesty from the frivolously wealthy.
And, it worked a treat. After a quick dip, shares recovered to where they were before the news came out.
It’s worth noting that Blackmore still owns another $200m odd worth of shares in the company, so this yacht’s a drop in the ocean, really.
Image: Peter Thoeny, via Flickr