Bloomberg News

Sprott Inc. Says No Executive Was Selling in Dec. 16 Block Trade

December 20, 2011

Dec. 20 (Bloomberg) -- No current executive of Sprott Inc. was behind an 820,600-share trade last week that occurred as the Toronto-based money manager was falling the most in almost three years, Chief Financial Officer Steve Rostowsky said.

Sprott Inc., founded by Eric Sprott, plunged 12 percent to C$5.35 on Dec. 16, as 1.09 million shares were sold. A single trade accounted for 820,600 shares. The stock has climbed 5.6 percent to C$5.65 this week.

“To the best of my knowledge,” no one still associated with Sprott Inc. sold the shares Dec. 16, Rostowsky said in a telephone interview.

Three other shareholders own enough shares to have carried out such a sale, Rostowsky said. They are Peter J. Hodson and J.F. Tardif, both former Sprott money managers, and Royce & Associates LLC.

Reached at his Toronto residence, Tardif said today he didn’t sell the shares. Hodson didn’t return phone calls placed to his cellphone. W. Whitney George, co-chief investment officer of Royce, a New York-based money-management company, declined to comment.

--Editors: Stephen Kleege, Chris Nagi

To contact the reporter on this story: Matt Walcoff in Toronto at mwalcoff1@bloomberg.net

To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net


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