In 1994 Gordon Naylor, like hundreds of other CSL employees, received a $1,000 parcel of shares in the privatisation of Commonwealth Serum Laboratories. The $300 million float had been sold at $2.30 a piece. After the share price slumped to a low of 78c in its first year, CSL looked like a terrible investment.
Naylor sold his initial parcel when CSL hit 7 bucks in April 1997, feeling pretty happy that he had more than tripled his investment.
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Jessica Gardner is Deputy editor - News. She has previously edited the Companies and Markets section. Connect with Jessica on Twitter. Email Jessica at jgardner@afr.com
