THE family trust of Mr Pat Hughes, founder and a former chairman of exploration group Ennex, has sold 2.5 million shares in the company at a price of 20p sterling.

Some of the shares were taken up by the incoming Ennex chairman, Mr Brian Cusack, who bought 200,000 shares to take his stake in Ennex up to 1.85 million shares or just under 2 per cent of the total.

Following the sale of the 2.5 million Ennex shares, the Hughes family trust retains 1.5 million shares or just under 1.6 per cent.

But, given the restructuring of Ennex since the arrival of a new management team following the acquisition of Oranmore Resources, market sources believe that the remaining 1.5 million shares are also likely to be sold.

Mr Cusack will take over as Ennex chairman at the annual general meeting next month, but already his partner in Oranmore Resources, Mr Christian Schaffalitzky, has taken over as managing director and refocused Ennex as primarily a zinc explorer with interests in Ireland, Pakistan and Kazakstan.