Director Trades: Who’s buying and selling their own stock?
Link copied to
Here’s our weekly look at which ASX small cap directors bought or sold their own stock (first week of August):
The biggest buy of the week came from a director of Singapore-based iron ore miner Asaplus Resources (ASX:AJY).
Ding Poi Bor dropped a cool $2.4 million to pick up an extra 25 million shares.
The acquisition makes him the company’s biggest investor with a 29 per cent stake.
The smallest trade reported last week, meanwhile, amounted to just $490.
Your average punter can only trade sums of $500 and up, but James Davies, a director of property investment firm Eildon Capital (ASX:EIC), bought another 498 shares under the company’s dividend reinvestment plan.
Abundant Produce (ASX:ABT) CEO Tony Crimmins doled out $21,660 to buy another 90,000 shares in the agtech play on market.
Alto Metals (ASX:AME) managing director Dermot Ryan bought an extra 240,000 shares in the gold explorer for $12,693.
A director of Chinese labour hire company JC International (ASX:JCI) needed to offload a hefty package of shares.
Youxi Sun sold 5.5 million shares to an unrelated third-party off-market for about $2.6 million.
The shares were sold for “personal reasons related to taxation and debt reduction”, JC International told investors.
Mr Sun still has a roughly 3.5 per cent stake in the company, retaining about 2.2 million shares.
A director of oil and gas explorer Central Petroleum (ASX:CTP) sold down his stake on market, while three others added to their respective portfolios.
Non-executive director Richard Cottee sold 47,700 shares, pocketing $5962.50. He still owns 842,233 shares.
Meanwhile, fellow non-executive directors Sarah Ryan, Peter Moore and Tim Woodall collectively spent $51,350 to buy more shares.
There was a bit of ASX intervention this week, with a few “please explains” lobbed during the July “blackout period” for director trading.
Many companies have in place policies that restrict directors from buying or selling shares at certain times during the year, including during the annual reporting season.
High purity alumina player Hill End Gold (ASX:HEG) was asked whether two directors were given permission to collectively buy 75,000 shares on market for $5250 during a blackout period.
Hill End told the ASX that managing director Martin McFarlane and finance director David Leavy sought and received approval to carry out the on-market share purchases.
“It was acknowledged that it was a closed period under the policy however the company was fully compliant with its continuous disclosure obligations,” company secretary Kevin Lynn explained.
Hill End noted an extended period where neither director would be allowed to trade because they would have inside information about Hill End’s pre-feasibility study.
Coal producer TerraCom (ASX:TER), meanwhile, was grilled over non-executive director Jim Soorley’s $42,000 purchase of 100,000 shares in July.
Chairman Wal King said in a statement published via the ASX that neither Mr Soorley, nor the board, was in possession of any material, price-sensitive information at the time the shares were purchased.
Mr Soorley received written clearance to go ahead with the share purchase after Mr King made “reasonable inquiries”.