Navitas co-founder joins selldown
Navitas co-founder Peter Larsen has joined a $100 million selldown by some of Perth's best known millionaire directors.
Dr Larsen yesterday disclosed he had sold $32 million of Navitas shares this week, cutting his stake in the WA education provider to 6.2 per cent.
The selldown came just three months after fellow director and Navitas chief executive Rod Jones, offloaded $48.5 million of stock, taking advantage of the company's record share price.
Mr Jones has since been joined by other company bosses, including iiNet founder Michael Malone and Automotive Holdings Group's Bronte Howson.
Just last week, Mr Malone pocketed $28.5 million after selling five million shares in the internet services provider as part of a diversified investment strategy.
Mr Howson also took advantage of the trading window which opens after the company reporting season to realise $7.8 million from the sale of about one-third of his holding in the care retailer and logistics company.
Yesterday's filings suggest Dr Larsen did better than Mr Jones, realising about $6.10 a share against the latter's $5.50 to $5.60. Navitas closed down 3¢ at $6.25, valuing the group at $2.3 billion.
Navitas surging price has considerably enhanced the wealth of its founders. Last year, _The West Australian's _Rich List estimated Dr Larsen's wealth at $165 million, most of it in Navitas shares. But given the company's market run this year, even after allowing for the latest sales, his remaining holding of 24.43 million shares is valued at about $150 million.
Dr Larsen quit his executive duties with Navitas five years ago. His other asssets include significant property holdings in Yallingup.
