Duxton Water stake: Purves pumps up Duxton stake to 8.5m shares

Wentworth Group of Concerned Scientists director Robert Purves has lifted his stake in water speculator Duxton to 8.5 million shares.

Wentworth Group of Concerned Scientists director and donor Robert Purves is a substantial shareholder in market speculator Duxton Water.

Wentworth Group of Concerned Scientists founder and director Robert Purves has upped his stake in market speculator Duxton Water to 8.5 million shares.

The move comes as the Federal Government prepares to amend the federal Water Act, so it can wade into Murray Darling Basin water markets to strip up to 450 gigalitres out of the consumptive pool, forcing up prices.

At the same time Mr Purves continues to be the Wentworth Group’s largest donor, handing over $100,000 last year and $697,300 during the past four years.

The Wentworth Group has long campaigned for the Federal Government to enter the market to buy more irrigation entitlements for the environment, which would further shrink the consumptive pool and push up prices.

Duxton Water has been buying up water entitlements, with its latest financials showing it now owns 88,800 megalitres of entitlement.

The Wentworth Group last month commended Federal Water Minister Tanya Plibersek‘s announcement of a new agreement to implement the Murray Darling Basin Plan, which includes removing barriers to buying more water out of irrigation communities.

The Weekly Time asked the Wentworth Group if taking donations from Mr Purves could be seen as a conflict, given its support for federal water purchasing would raise entitlement prices, benefiting Duxton Water.

Wentworth Group director Celine Steinfeld said it was “an independent group of experts and our policy advice is based on best available evidence”.

Mr Purves’ RPG Management finance manager Fabiola Silva refused to respond to questions in regard to his investment in Duxton Water, while funding the Wentworth Group.

Mr Fabiola said the recent increase in Mr Purves’ Duxton holdings was due to a recent rights issue.

“Duxton Water recently completed a rights issue to shareholders, of which we exercised our full entitlement which in turn increased the number of shares we hold,” Mr Fabiola said.

In June 2021, Mr Purves’ RPG Management company announced its stake in Duxton Water was 6.05 million shares, which it announced last week had now reached 8.5 million shares.

The Weekly Times is not suggesting Mr Purves has acted improperly.

Mr Purves is a founding member of the Wentworth Group of Concerned Scientists and has been a director of the Climate Council of Australia, World Wide Fund for Nature Australia, Environmental Custodian Ltd, Bradham Investments, Bray Holdings, Carwoola Pastoral and numerous other property and investment companies.