Director Trades: Who’s making a splash buying their own stock?
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Croplogic director Stephen Wakefield is now a substantial shareholder in the struggling AgTech with 5.02 per cent after buying two lots of shares last week.
He bought $22,880 of the shares (ASX:CLI) last week and now owns 5.9 million via a business called Innovative Software.
Mr Wakefield was the first director to buy in followed by chair Cheryl Edwards this month.
A YHA member, Canterbury Cricket supporter and Croplogic director since 2013, Mr Wakefield knows the challenges the company has come through.
The company forecast that it would be making $4 million in revenue by 2018 and $2.4 million in gross profit — in 2016, before they listed.
This year they made $2 million in revenue and a $3 million loss.
CropLogic joined the ASX in September after raising $8 million in an IPO priced at 20c per share.
The shares touched 2.6c last month but have since recovered to 4.5c.
Polynovo and Medical Developments chair David Williams has lifted his stake in Rate My Agent owner RMA Global (ASX:RMY) for a third time since it listed earlier this month.
Mr Williams, who chairs the company, now owns 3 per cent of the real estate agent comparison site.
BidEnergy’s (ASX:BID) James Baillieu — son of ex-Victoria premier Ted — has bought another big chunk of the stock.
He spent $279,000 on 3 million shares in his second big trade this year.
The first purchase this year was worth $142,000. Mr Baillieu now has 64 million BidEnergy shares for an 8.6 per cent stake in the ‘smart building’ operator.
One of biggest recent director purchases comes from Kong Chong Soon of Malaysia-based real estate developer United Overseas Australia (ASX:UOS).
Mr Kong paid $1.5 million for 2.4 million shares. He now partly controls, via nine different holdings, 76 per cent of the company.
Fellow director Kong Pak Lim also has a foot on 58 per cent of the shares via four of his own entities and three he shares with Mr Kong.
The two are the founders of the company and last year were among Malaysia’s 30 richest people.
The boss of Resolute Mining (ASX:RSG) bought $133,400 of shares last week.
John Welborn owns 2.6 million shares but does have 4.7 million of performance rights due to vest over the next 2 years. (One of those was due to expire on June 30 yet still appears to be listed as valid).
The African gold miner has had a big month. It got some mid-level results from its Syama mine in Mali, extended the life of its Ravenswood mine in Queensland, and got a permit to restart a mine in Ghana.
Eramet SA had to lodge nine bidder’s statements before it could get the Mineral Deposits (ASX:MDL) board across the line, and now all five directors have made their peace, selling into the unsolicited offer.
Collectively they made $7.8 million.
Eramet SA pitched the offer, initially priced at $1.46 a share in cash, in April.
The board was skeptical about the price and the two began the usual ‘you suck, no suck’ argy bargy that comes with a hostile takeover bid.
The bidder eventually lifted its offer to $1.75 in June and then — five more bidder’s statements later — the board caved.
As expected, Lepidico’s (ASX:LPD) Julian Walsh has rid himself of the last of his expiring options.
He converted the last 10 million of his 1.815c options (which cost $181,500), and sold 4 million which reaped $142,468.
Finally Magnetite Mines (ASX:MGT) issued a note to the ASX last week explaining why director Peter Schubert had lodged his ‘I’ve traded’ notice late.
Mr Schubert’s broker had inadvertently not notified him that the trades had been completed, the company said.