Director Trades: Who’s buying and selling their own stock?
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Here’s our weekly look at which ASX small cap directors are buying or selling their own stock (week of Sep 3):
More than a dozen ASX small cap directors sold their stock last week. The four biggest trades of the week — each worth more than $1 million — were all sales.
Audio software maker Audinate (ASX:AD8) was front and centre, with early investors Starfish Ventures and Innovation Capital selling 21.5 million shares to new and existing institutional investors, representing 34.7 per cent of the company.
Starfish’s John Dyson sold 10.6 million shares totalling $37.2 million. It left him with 182,000 shares.
Audinate thanked the outgoing venture capital funds. “We welcome several new shareholders to the register at what is an exciting stage for the company’s growth,” it said in a statement.
Kogan (ASX:KGN) head honcho Ruslan Kogan and fellow board member David Shafer collectively sold 6.2 million shares in 0ff-market transactions, worth about $40 million. The sale sent Kogan shares down 10 per cent, but the pair remain the two biggest shareholders.
Kogan chairman Greg Ridder said it was part of a plan and that investors would enjoy added liquidity.
“It’s great to see our work continue to attract significant interest from both domestic and international shareholders who value our business strategy and execution,” he told investors.
A statement to the ASX said Mr Kogan and Mr Shafer “continue to have the majority of their personal wealth invested in the company”.
Scott McMillan, director at Alliance Aviation (ASX:AQZ), sold nearly 600,000 shares, worth $1.3 million.
There was no reason given for the sale. Mr McMillan was also active just a fortnight ago, when he and chairman Stephen Padgett sold $1.5 million worth of stock.
On the buy side, KGL Resources (ASX:KGL) directors were picking up plenty of stock during the week. Denis Wood, Peter Hay and Fiona Murdoch bought about $120,000 worth of stock, totalling 380,140 shares.
It was a similar story at Redflex (ASX:RDF), with directors buying over $807,000 worth of stock. That was mostly thanks to Adam Gray buying 1.9 million shares, with Clare Davey and Robert DeVincenzi buying smaller amounts.
Robert Schuitema, a director at Phoslock Water Solutions (ASX:PET), sold 1.7 million shares, making a tidy profit of $717,825. The off-market sale was for “family matter, taxes and other purposes”.
Back in March, Mr Schuitema sold $441,630 worth of stock to fund tax payments for his company Sail Ahead. He told Stockhead at the time that it was the first time he’d sold in 12 years aside from exercising options.
He said he found it frustrating when staff or managers of listed companies were made to feel guilty for selling down — when often they were paid largely in performance options.
He now controls 11 million shares.
Alex Waislitz was at it again, with the Thorney Opportunities (ASX:TOP) director buying 92,258 shares on market for $62,735.
More than $87 million worth of stock was bought and sold since the market opened on Monday the 3rd of September, with each trade being worth more than $760,000.
Here is a list of recent ASX small cap director trades:
Swipe or scroll to reveal full table. Click headings to sort.