The corporate regulator alleges Duncan Stewart encouraged a family member to buy Kidman shares “while in possession of confidential information.
A man with close links to former Kidman Resources chief executive Martin Donohue has been charged with insider trading, with the corporate regulator alleging he had early knowledge of Wesfarmers’ $776 million plan to buy the lithium company in 2019.
One member of Mr Stewart’s family previously worked at Kidman and has had dealings with Mr Donohue, including buying a holding vehicle from him.has decided not to name the family member because they have not been charged, and there is no suggestion they were involved.Advertisement When the Wesfarmers proposal was announced to the market in May 2019, Kidman shares jumped from $1.29 to $1.84. The regulator has alleged this resulted in Mr Stewart realising profits of $68,114. Before being delisted, Kidman shares had been volatile.Mr Donohue became Kidman chief executive in October 2014, when the company’s market capitalisation was $8.9 million. It raised $36 million in bits and pieces over the next few years before the $1.90-a-share offer from Wesfarmers.
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