Kinghorn sells out of RHG

John Kinghorn, the founder and still chair of the board of RHG, has this week sold all his 11.6 per cent take in the company in an on-market sale.

His son, Geoffrey Kinghorn, also sold three quarters of his 12.1 per cent stake this week.

Both have opted to realise their investments at market prices of in excess of $1.20 in RHG ahead of the payment of a 79 cent franked dividend later this month.

Payment of that dividend will be made as an alternative to the share buyback proposed by the RHG board and in which John Kingorn had said he would not participate. However, shareholders voted that plan down last month.

RHG yesterday announced the appointment of three new directors to the board.

Two, Paul Jensen and Gabriel Radzyminski were nominees of the activist shareholders, Wilson Asset Management and Cadence Asset Management, that led the defeat of the share buyback. The third is John Kean.