When the Miocevich family sold 11.8 million shares in listed marine engineering company Veem in September, they did so at a 15 per cent discount to the then market price.
At the time, Veem traded at $1.39 a share. But after last week’s AGM update flagged some “challenges” since the start of FY22, Veem closed at 91¢, 34 per cent cheaper than it was in September. Meaning, even with the discount, directors Mark and John Miocevich were rather fortunate to sell when they did.
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Myriam Robin is a senior writer based in the Melbourne newsroom. She has previously been a Rear Window columnist and editor, and before that reported on financial markets and media. Connect with Myriam on Twitter. Email Myriam at myriam.robin@afr.com
