[23 September/NZ Herald]

The a2 Milk Company’s new CEO, Jayne Hrdlicka, has sold her shares in the company after two months on the job. She sold 178,616 shares in the company for around $4 million. She received them on the automatic exercise of rights in the company. Devon Funds Executive Chairman, Paul Glass, said her sales came at a sensitive time for the stock. He added it was an interesting decision to make while there was uncertainty around the release of new Chinese regulations over e-commerce. Research from Craigs Investment Partners estimated 33 percent of its infant formula volume flowed to this channel. a2 Milk’s Chief Financial Officer, Craig Loutit, sold his stake down to 350,000 shares from 500,000 earlier this month. Ms Hrdlicka had valid reasons for the sale, however analysts concluded it was still disappointing. Shares were currently valued at $12.51.