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Caledonia Mining chairman takes hit after unwitting share sale

Unbeknown to Wilson his entire stake of 75,200 shares had been sold at the end of February

Picture of dollar bills
An expensive mistake by fund manager

Caledonia Mining (LON:CMCL) chairman Leigh Wilson is around £19,000 out of pocket after he had to buy back shares in the company sold by his financial adviser without his knowledge.

The Zimbabwe-based gold miner revealed yesterday that Wilson only found out last week his entire stake of 75,200 shares was sold at the end of February for 63 cents each.

He has now restored his interest through the purchase of 75,000 shares.

While the good news for Caledonia is that the gold price has rallied and expansion plans are progressing well, the bad news for Wilson is that the share price has recognised this.

Instead of US$0.63, the price he had to pay was almost C$1.01, a 60% rise, and costing him around US$28,000 (£19,000) more.

Quick facts: Caledonia Mining Corporation

Price: 624 GBX

Market: AIM
Market Cap: £67.16 m

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