New Zealand-based CBL Corp. Ltd.'s managing director and deputy chairman, along with some senior managers, sold an aggregate of 20 million company shares for a total of NZ$65 million.

The block sale included 5 million shares owned by Managing Director Peter Harris and 5.4 million shares owned by Deputy Chairman Alistair Hutchison. The remaining 9.6 million shares were sold by senior management. The shares were sold for NZ$3.26 each and represent 8.5% of the company's issued capital.

The management and directors sold the shares after coming out of escrow.

The company requested a trading halt on its shares before the market opened April 5 to facilitate the orderly placement of the shares. Trading resumed at 12 p.m. New Zealand time on the same day.

As of April 4, US$1 was equivalent to NZ$1.43.