Director Trades: Who sold $9.5m of stock?
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Here’s our weekly look at which ASX small cap directors bought or sold their own stock (August 13-17):
Some 16 ASX small cap directors reported individual trades of more than $100,000 each last week.
Boss Resources (ASX:BOE) director Grant Davey won the pool with a $9.5 million sale.
The junior uranium explorer recently released 137 million shares held by Grant Davey from voluntary escrow to “facilitate additional support by existing Tier 1 institutional shareholders”.
Private Australian boutique investment fund Paradice Investment Management was the fortunate recipient.
The shares were part of the consideration paid to Mr Davey for the remaining 20 per cent stake in the Honeymoon mine. The rest of the 300 million shares remain in escrow — and he still owns 25 per cent of Boss.
Mr Davey used a tiny part of his millions to buy 76,900 shares in Matador Mining (ASX:MZZ), lifting his interest in that company to 1.5 million shares.
>> Scroll down for a table of recent ASX small cap director trades
ERM Power (ASX:EPW) chief Jonathan Stretch received the equivalent of $1.5 million of shares — last year.
The electricity generator said in an ASX statement that “an administrative oversight failed to lodge the related Appendix 3Y for the associated change in the beneficial interest in 1,193,357 shares on behalf of Jonathan Stretch”.
Last week was notable for the volume of big sales.
Baby Bunting director Gary Levin made $459,000 last week, Sunbridge Group’s Jiyan Xu made $276,000, and Nagambie Resource’s Michael Trumbell made a clean $100,000.
Holista Colltech director Chan Heng Fai has watched his shareholding in the company, via Global eHealth, slip from 24 per cent to 20 per cent, after a capital raising to get their ‘diet’ low GI noodles into the US and China.
Payment in stock
It wasn’t just share trades last week, as several companies handed out options and performance rights.
Melbana (ASX:MAY) chairman Andrew Purcell received 80 million options “as compensation for providing a personal guarantee over the loan agreement with Trans Asia Private Capital”.
Mr Purcell already owns 54 million shares in Melbana.
He was voted off the board of Metgasco after a conflict over the reason for the collapse of a proposed merger with Bryon Energy.
St George Mining handed out 60 performance rights to chairman John Prineas 20 each to Sarah Shipway and John Hronsky.
Mr Prineas’s convert into a total of 3 million actual shares, while the other two get 1 million each.
At least five companies issued ASX statements about late lodging of documentation concerning director trades.
Reward Minerals and Mach7 Technologies both issued “administrative oversight” explanations for late submission two weeks ago, as did ERM Power.
Sabre Minerals said its director Robert Collins forgot to tell the company he’d made a trade in April before going on an overseas jaunt.
“This was an oversight by Mr Collins at the time,” Sabre said in an ASX statement. “It took place just before Mr Collins left for an extended overseas trip and he overlooked notifying the company. The Appendix 3Y was lodged immediately the company secretary became aware of the oversight.”
Niuminco managing director Tracey Lake said in an ASX announcement that he lodged his documents late because he was in and out of PNG at the time and a mine site’s Internet was down.
“The mine site suffered an internet outage from 6pm on Friday 10 August, until 4pm on Monday 13 August, 2018 making e-lodgement possible that evening, having by then become aware of my earlier oversight.”
Mr Lake says he’s hiring a company secretary to take the weight off his shoulders.
Expect explanations of late lodgings from at least three other ASX small caps this week.
Here’s a table of recent ASX small cap director trades:
Scroll or swipe for full table. Click headings to sort