The managing director and founder of ASX All Ords lithium miner Latin Resources Ltd (ASX: LRS) just sold 3.3 million worth of shares… but don't worry.
It appears there are no red flags for shareholders here.
This is because he's also acquired 13.5 million new shares at the same time by vesting performance incentive rights. That means he's converted performance rights into stock.
Several other directors have also vested their performance rights, according to a statement lodged with the ASX on 6 July.
What's going on with this ASX All Ords lithium share?
Latin Resources founder Christopher Gale made these trades between 3 July and 5 July.
He sold 10 million shares on-market at 33 cents per share for a total $3.3 million.
As we recently reported, Latin Resources shares were among the top 5 ASX All Ords shares for price growth in FY23.
The Latin Resources share price soared by an extraordinary 408% in FY23.
The ASX All Ords lithium share began a steep price ascent in May.
This occurred after the miner released an update on its flagship Salinas Lithium Project in Brazil.
In the final days of FY23, the company announced the discovery of a "district scale lithium corridor" at the project.
The team at brokerage Bell Potter reiterated its speculative buy rating on Latin Resources last month.
It raised its share price target on the ASX All Ords stock to 37 cents.
The Latin Resources share price closed the session yesterday at 36 cents.
