Fortescue director buys in
Another member of Fortescue Metals Group's board has taken advantage of the iron ore miner's sliding share price to buy shares in the company.
Non-executive director Dr Jean Baderschneider, who was appointed to the company's board in January this year, bought 138,000 FMG shares on the market last week at an average price of $1.91, representing a $263,854 investment.
It is the first investment the former ExxonMobil executive has made in the company since she was appointed.
FMG chairman and founder Andrew Forrest has regularly used soft share price periods to top up his stake in the company, which now stands at 33.19 per cent.
Chief executive Neville Power has also been a buyer of FMG shares on the market in the past.
Last week, the company's shares took a hit after it abandoned plans for a $US2.5 billion bond issue because it could not secure suitable terms for the raising.
Fortescue's shares have also been under pressure recently because of a relentlessly sliding price for its only commodity, iron ore.
FMG shares were off 2.3 cents, or 1.15 per cent, to $1.977 at 8.15am.
