PAA.TO Gates sells 1.7M Pan Am shares, keeps 3.32M
Dorothy Kosich
'23-DEC-05 01:00'
RENO--(Mineweb.com) While the world's richest man has sold has sold an estimated 1.75 million shares of Pan American Silver, Bill Gates retained 3,320,000 shares of the Vancouver-based mega-silver producer.
Despite the sale, Pan American Silver Chairman Ross Beaty told Mineweb late Thursday that Gates' fund manager Michael Larson remains "a very active and appreciated director of the company."
In a Schedule 13D filed with the SEC Thursday, Larson, the Business Manager of Cascade Investment, LLC, of Kirkland, Washington, said the company sold 1.75 million shares of Pan American Silver from December 12 through December 20, 2005. William H. Gates III, Chairman of the Board of Microsoft, is the sole member of Cascade.
The shares were sold on the open market for prices ranging from $17.75 to $19.36.
Beaty said he believes that Gates intends to hold his current share position over the long term. "He has held this stock for eight years and is certainly entitled to sell after being such an excellent long term holder," Beatty said, adding "he has made an excellent return on his investment."
"Often large institutions need to adjust their portfolios for all kinds of reasons. I assume this was the case here," Beaty said. "I don't believe it reflects on anything the company is doing, and, of course, it does not affect the company at all." Spot silver prices rose to near $9/oz earlier this month and hovered around $8.50 as of close of markets Thursday.
Pan American stock (PAA:TSX) closed at C$ 22.15 per share Thursday, up 75-cents or 3.5%; and (PAAS:NASDAQ) at US$19.04, up 80-cents or 4.21% .
AI
