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WPG Resources executive chairman buys 8.5 million company shares on market

WPG Resources (ASX: WPG) executive chairman Robert Duffin has boosted his direct stake in the company to 9.6 million shares through on-market purchases.

Duffin bought 8.5 million shares at A$0.09 per share, valuing the purchase at $765,000.

Interestingly, WPG recently sold its iron ore assets in South Australia to OneSteel for around $320 million.

The bulk of the proceeds of the sale, net of capital gains tax of $71 million which WPG expects to pay in April 2012, were distributed to shareholders earlier this month.

The distribution of $1.05 per WPG share consists of a return of capital of $0.42 per share and the company’s maiden dividend of $0.63 cents per share, which is fully franked.