McGay reduces holding in Mongolian explorer

Chief executive Douglas McGay's shareholding in Mongolian oil explorer Petro Matad has reduced by 1.8m shares.

McGay has an interest in Investec Sino Corporation which sold 800,000 Petro Matad shares for 30p each, thereby raising £240,000. He has transferred his interest in Titoni Corporation, which owns 1m Petro Matad shares, so he is no longer deemed to own these shares. There is no indication what McGay received in return for transferring his interest in Titoni. McGay retains 3.95m shares in Petro Matad

McGay purchased 150,000 shares at 10p each in March 2009.

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McGay used to run his own mining and engineering surveying practice in Kalgoorlie, Australia. He sold this business in 1988 and went to live in Mongolia in 1997.

Isle of Man-registered Petro Matad is managed in Mongolia. The main shareholder is Petrovis, the largest importer and distributor of petroleum products in Mongolia. Petrovis sold 5.8m shares in January and owns just over 37% of Petro Matad.

Petro Matad's main assets are three production sharing contracts. One is in the far east of Mongolia near to the Chinese border and the other two are in central Mongolia. Revenues are minimal.

Top Director Sells

Associated British Foods (ABF) Director name: Mr John BasonAmount sold: 147,500 @ 937.00p Value: £1,382,075

Petro Matad (MATD) Director name: Mr Douglas John McGayAmount sold: 800,000 @ 30.00p Value: £240,000

Jarvis Securities (JIM) Director name: Mr M J EdmettAmount sold: 15,000 @ 140.33p Value: £21,050