Bellamy backs himself with Austal

Austal chief executive Andrew Bellamy spent $255,000 buying shares in the shipbuilder as part of its emergency capital raising last month. Mr Bellamy is understood to have bought $200,000 in shares in excess of his entitlement under the nine-for-10 issue at 50� a share. Austal raised $78 million from institutional and retail shareholders in the heavily discounted offer. Mr Bellamy's stake was worth $406,000 at yesterday's 64� close.

Austal shareholder Vincent O'Sullivan spent $3.1 million but his stake fell below the substantial holder threshold to 4.6 per cent.

The West Australian

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