Here’s our weekly look at which ASX small cap directors bought or sold their own stock (August 20-24):


Two the biggest buyers of their own stock are Anthony Leibowitz at Ensurance and Michael Ruane at Reward Minerals.

Last week, Mr Liebowitz bought another 750,000 Ensurance shares (ASX:ENA), meaning he owns 14.45 per cent of the company.

At $28, 500 it was at the smaller end of his usual purchases. He has bought into Ensurance nine times since being appointed chair in May.

Mr Ruane sank another $1.5 million into potash play Reward (ASX:RWD) partly via a rights issue and on market trades, giving him 33 per cent of the company. He has made some 73 trades in Reward over the years.

Mr Leibowitz told Stockhead he picks up stock whenever he can as he thinks Ensurance is “the next QBE”.

>> Scroll down for a table of last week’s small cap director trades

He says the company has had a tumultuous three years with less-than-stellar management. Now they’ve tidied it up and are working with a strategy that will deliver “huge upside”.

Mr Leibowitz’s track record includes Pilbara Minerals (ASX:PLS) and recruiter Chandler Macleod, which was sold in 2015 for $290 million to Japanese group Recruit.

Reward Minerals

Reward’s Michael Ruane also has form among ASX companies: he was a chairman of Helloworld’s (ASX:HLO) predecessor, floated Altura Mining (ASX:AJM) and Millennium Minerals (ASX:MOY), and is still a substantial shareholder in Intermin Resources (ASX:IRC).

Reward, with its Lake Disappointment potash project, is “way too cheap” so he buys when he can, he says.

He is very optimistic where others clearly have not been — he says they’ve “copped a fair bit in the marketplace” lately.

“This is a cracker of a project we’ve got and at the end of the day I’m going to make ten million bucks,” he told Stockhead.

“I’m sure there will be bigger players interested in the not so distant future.”

Thorney Opportunities (ASX:TOP) magnate Alex Waislitz spent $753,000 on market for 1.12 million shares. He now owns 29 per cent of that particular fund.

PolyNovo (ASX:PNV) chair David Williams bought in again. Mr Williams is another big hitter who is heavily involved in ASX newcomer RMA Global (ASX:RMA) and is one of Sienna Diagnostics’ (ASX:SDX) newest substantial shareholders.

Let’s hope they don’t disappoint the punters.


The biggest deal last week was Nigel Garrard selling his Orora (ASX:ORA) shares for $6.4 million.

He exercised 1.1 million options which cost $1.4 million and converted 739,500 share rights, which cost nothing.

He then sold the lot, making a tidy profit and still having 6.2 million rights and options left over.

Alliance Aviation (ASX:AQZ) directors are taking advantage of a 20 per cent share price surge in early August.

Over two days the stock popped up to $2.38, a high achieved only once before, in 2012.

Chairman Stephen Padgett and managing director Scott McMillan chose to sell.

Mr Padgett knocked out a $909,000 profit and Mr McMillan made just under $640,000.

With Qantas posting a profit last week as well, 2018 could well be a rare year when it’s good to own an airline.

Berkeley Energia boss Paul Atherley had to sell off $135,000 of stock in order to cover some of the $538,000 cost of exercising options in June.

Atrum Coal (ASX:ATU) directors have been fairly active buyers this year — but none more so than Charles Fear.

He made his seventh trade since May last week. Sometimes he’s buying shares, sometimes it’s options, a couple of times it was as part of a capital raising.

Now he owns 6.24 million shares and 8 million options.


Kingsrose Mining (ASX:KRM) had to apologise for its director Grant Mills trading in a blackout period in mid-August.

It said he got verbal, but not written clearance, and says they aren’t going to do anything about it bar remind directors that they aren’t allowed to trade in blackout periods.

“Kingsrose Mining acknowledges that there has a been a breach of its Securities Trading Policy,” the company said in an ASX announcement relesed on August 20.

“After considering the matter, the Board (other than Mr Mills and Mr McIllree) has decided that KRM will not take disciplinary or remedial action in relation to the breach and regards the breach as minor and technical.”

AssembleBay (ASX:ASY), which is becoming a vanadium company after failing as an on-demand IKEA erector, failed to get its option expiry notices in on time, as did Acacia Coal (ASX:AJC).

Contango Asset Management (ASX:CGA) blamed “administrative oversight” for a 3Y that should’ve gone out in March.

Here’s a table of last week’s small cap director trades:

Scroll or swipe for full table. Click headings to sort

ASX code Company Director Change Date Volume $ Value Where Total holdings controlled
ATU Atrum Coal Charles Fear Buy August 14 1m 75000 On market 6.24m
BAT Battery Minerals Gilbert George Buy August 20 500,000 15151 On market 9.2m
BOA Boadicea Resources Domenic De Marco Buy August 17 2500 300 On market 148,500
EAR Echo Resources Anthony McIntosh Buy August 14-17 150,000 24000 On market 8.4m
EVN Evolution Mining Jacob Klein Buy August 17 968,607 0 Converting performance rights 13.7m
GFI Global Fortune Investment Yuan Lin Sell August 15 2m 500000 Off market 41.5m
HUO Huon Aquaculture Group Peter Bender Buy August 16 22,000 98741 On market 57.7m
HUO Huon Aquaculture Group Frances Bender Buy August 16 22,000 98741 On market 57.7m
HXG Hexagon Resources Charles Whitfield Buy August 15-16 215,110 32517 On market 4m
IFM Infomedia Jonathan Rubensztein Buy August 20 238,707 0 Exercise performance rights 1.3m
KRM Kingsrose Mining Grant Mills Buy August 16 400,000 21000 On market 410,000
NVA Nova Minerals Dennis Fry Buy August 15 and 17 664,250 15277 On market 1.8m
PNV PolyNovo David Williams Buy August 20 500,000 269985 On market 16.3m
SLZ Sultan Resources Eddie King Buy August 16 50,000 9250 On market 50,000
TNO Tando Resources Bill Oliver Buy August 16 and 17 240,000 40221 On market 240,000
TOP Thoney Opportunities Alex Waislitz Buy August 14 1.12m 753760 On market 59m
AQZ Alliance Aviation Services Scott McMillan Sell August 14 282,183 638849 On market 4.4m
CIA Champion Iron William O'Keeffe Buy August 21 751,900 0 Exercise share rights 36m
COE Cooper Energy Alice Williams Buy August 21 13,350 6341 On market 179,444
COI Comet Resources Anthony Cooper Buy August 20 4.65m 121650 Converting options and shareholder approved shares 6.8m
NEW New Energy Solar Alan Dixon Buy August 15 and 17 36,147 51157 Dividend reinvest and share pruchase plan 7m
NEW New Energy Solar Alex MacLachlan Buy August 15 and 17 12,984 18370 Dividend reinvest and share pruchase plan 102,879
NEW New Energy Solar Jeffrey Whalan Buy August 17 21,186 29999 Share purchase plan 521,552
MEW New Energy Solar John Martin Buy August 15 and 17 27,447 34378 Dividend reinvest and share pruchase plan 529,672
SCI SciDev Kieran Rodgers Buy August 11 16.7m $100,000 Share placement 40.2m
WNR Wingara AG Mark Hardgrave Buy August 20 100,000 26000 On market 242,857
AFT AFT Pharmaceutical James Burns Buy August 21 25,000 51473 On market 125,417
BKY Berkeley Energia Nigel Jones Buy August 20 35,000 27112 On market 35,000
FWD Fleetwood Corporation Philip Campbell Buy August 20 11,000 19800 Entitlement offer 26,000
FWD Fleetwood Corporation Brad Denison Buy August 20 143,954 259116 Entitlement offer 189,418
G88 Golden Mile Resources Rhoderick Grivas Buy August 15-20 44,750 11603 On market 115,750
GBT GBST Holdings Deborah Page Buy August 20 6,000 12000 On market 32,500
GTE Great Western Exploration Kevin Somes Buy August 20 and 21 5.1m 36184 On market 55.8m
HSN Hansen Technologies David Trude Sell August 22 10,617 38008 On market 100,000
KGN Kogan Greg Ridder Buy August 21 8,000 49095 On market 160,500
LAM Laramide Resources Marc Henderson Buy August 16 50,000 15224 On market 12.2m
TBH The Betmakers Todd Buckingham Buy August 21 440,000 35200 Entitlement offer 5.8m
APC Australian Potash Matthew Shackleton Buy August 8 357,500 25025 Shareholder approved purchase 3.6m
BGL Bellevue Gold Michael Naylor Buy August 22 500,000 0 Converting performance rights 500,000
CAT Catapult Group International James Orlando Buy August 20, 21 and 22 25,000 28918 On market 80,000
CZI Cassini Resources Gregory Miles Buy August 23 200,000 13400 Exercise options 3.4m
ENA Ensurance Anthony Liebowitz Buy August 23 750,000 28534 On market 50.3m
GGG Greenland Minerals Anthony Ho Buy August 23 250,610 19046 On market 3.2m
GGX Gas2Grid Dennis Morton Buy August 22 16.45m 49350 Off market transfer between holdings 180m
ORA Orora Nigel Garrard Sell August 16-22 1.9m $6.4m Exercising options and rights and sold on market 3.9m
RWD Reward Minerals Michael Ruane Buy August 22 8.4m $1.5m Rights issue and on market 50.2m
RWD Reward Minerals Rodney Della Vedova Buy August 22 4000 720 Rights issue 74,000
SLR Silver Lake Resources Luke Tonkin Buy August 23 2.2m 0 Vested performance rights 2.2m
TOM Tomizone Matt Adams Buy August 20 11.7m 0 Shares in payment for fees 11.7m
TOM Tomizone Mark Ohlsson Buy August 20 1.3m 0 Shares in payment for fees 1.3m
VTG Vita Group Paul Wilson Sell August 22 180,282 204547 On market 73,375
VXR Venturex Resources Anthony Reilly Buy August 21-22 1.875m 22642 On market 48.8m
AQZ Alliance Aviation Services Stephen Padgett Sell August 21 400,000 909000 On market 7.2m
BKY Berkeley Energia Paul Atherley Sell July 31 175,378 135041 On market to meet the cost of exercising options 3.2m
REX Rex Minerals Mitchell Hooke Buy August 24 666,000 91358 Exercise options and off market transfer 1.4m
SDI SDI Gerald Bullon Buy August 24 20,000 11751 On market 272,716
PSC PSC Insurance Group John Dwyer Buy August 23 110,000 330000 On market 35.4m
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