James Packer Just Made An Estimated $40m In Profits By Selling Out Of Seek, Again

Getty/ Scott Barbour

James Packer has pocketed an estimated $40 million selling out of online jobs board Seek after it announced a record full-year profit today.

Packer reportedly accumulated a 4.9% share in the company in the 12 months to May 2012. Seek shares traded between about $5.20 and $7.20 during that time.

The Australian reports today that Packer has sold 4% of Seek at $9.28 a share, which totals $125 million.

Assuming Packer amassed his shares at an average price of $6.20 in 2011-12, he would have pocketed more than $40 million in profits today.

This is the second time Packer has sold a significant stake in Seek.

He bought a quarter of the company for about $33 million in August 2003, and had about $150 million worth of shares when Seek listed on the ASX in April 2005, before selling out of the company for $441 million in August 2009.

The AFR reports today that Packer has raised a total of $261 million from selling shares in Seek and boutique fund manager Magellan Financial Group after the market closed.

The funds will likely be used to pay down personal debt and for investments including RatPac Entertainment, the AFR reports.

Packer is worth an estimated $6 billion.

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