International Coal MD ups stake further

International Coal (ASX: ICX) managing director Hugh Dai has further increased his indirect stake in the company.

Dai bought 500,000 shares on-market for a consideration of $122,489, providing an average entry price of 24.5c, upping his stake to 2.3 million shares.

Shares in the company were last trading unchanged at 25.5c on the Australian Securities Exchange. 

In mid-August Dai began increasing his indirect stake in the company with the purchase of 250,000 shares on-market for a consideration of $56,500. He made that purchase a little over a month after International Coal listed on the ASX following an oversubscribed initial public offering.

He acquired a further 550,000 shares for a consideration of $126,459 at the end of August, taking his shareholding before this latest purchase to 1.8 million.

International Coal is an Australia-based resources company with a number of prospective coking coal and thermal coal projects, including the Bundaberg and South Blackall projects, in Queensland.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/20350/international-coal-md-ups-stake-further-20350.html