Mortgage insurer Helia — previously known as Genworth Australia — is moving to defend the sale of about $2.6m worth of shares by its chief executive just days before revealing a major contract loss.
The company’s shares fell more than 25 per cent on Monday after it told the market its major customer CBA could be about to pull its contract, as it remains in talks to take its mortgage business elsewhere from next year.
The loss would not be insignificant, representing 44 per cent of gross written product in the 2024 financial year.
A Helia spokesperson said the company only learned of the move by CBA at the weekend, and chief executive Pauline Blight-Johnston had sold in the allocated window to trade for staff and directors after reporting season in February.
Her trades also required pre-clearance.
Ms Blight-Johnston, whose pay packet last year was close to $1m and total take home pay over $3.3m, made trades disclosed by the company through March.
She sold 66,000 shares worth about $384,000, as disclosed on March 5, with shares sold on February 27.
She then sold a further 244,000 shares worth close to $1.5m with daily trades between March 4 and 7, and then almost 150,000 shares worth over $840,000 with trades on March 14, 17 and 18.
Shares in Helia closed down 25.6 per cent to $3.61.
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