Major investors in Fortescue say the Forrest family split does not change their view of the stock because Nicola Forrest is unlikely to harm it by selling down.
The Forrest camp has downplayed the notion that Ms Forrest has overtaken Mr Forrest on the Fortescue registerThe rise in Fortescue shares was weaker than the 3 per cent surge in iron ore prices on Wednesday night and meant Fortescue shares underperformed rival iron ore stocks Mineral Resources and Rio Tinto.
“If she [Nicola] said she was going to unload her stock, all she would do is damage herself. She would lose a lot by doing that, and I don’t believe she is stupid.” The combined effect of the February and June changes is that Ms Forrest has direct control of about 49.96 million more Fortescue shares than Mr Forrest.from second on the Financial Review Rich List to tenth on Thursday, while Nicola Forrest was added to the Rich List for the first time in eighth position with an estimated fortune worth $14.6 billion.
“It is unfortunate for both of them but these things happen and I don’t believe it will make any difference to the share price,” he said.
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