Australia's Allegiance Coal falls after former chairman cuts stake

Allegiance Coal

08/06/2022 05:45

** Shares of Allegiance Coal Ltd  AHQ.AX  drop up to 3.5% to
A$0.55, mark their biggest intraday pct loss since May 26
    ** Coal miner says former chairman and managing director
Mark Gray reduced his stake by about 50% through an on-market
trade, after stepping back from his roles  urn:newsml:reuters.com:*:nASX2KxKmC
    ** Gray sold 3.8 mln ordinary shares in co for a
consideration of A$1.9 mln ($1.37 mln) and continues to hold 1.8
mln shares
    ** Gray has been retained by board as executive director,
AHQ says
    ** About 597,000 shares change hands, compared with the
30-day average volume of 538,000 shares
    ** AHQ up 16.3% this year, as of last close

($1 = 1.3889 Australian dollars)

 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.mishra@thomsonreuters.com))