Image Resources (ASX: IMA) director and substantial shareholder Li Huang Cheng has bought another $462,500 of the mineral sands explorer’s shares.

Li bought $13 million in shares in April 2018 as part of a capital raising and became a director around the same time. Five months later he bought 200,000 shares for $28,000 and this week he topped it up with the $462,500 package.

In addition to being on the board of Image Resources he has co-founded a private company, Lee & Wu, that supports high-tech industries. He is also a 49 per cent owner of toy company Giochi Preziosi.

He owns nearly 14 per cent of the company, the second largest shareholder behind private explorer Murray Zircon.

The company operates a zircon project 80km north of Perth and intends to sell its mineral concentrate to China. Image anticipates eventually extracting 240,000 tonnes per annum and generating $120 million in revenue.

While Image has some way to go before reaching that target, it has begun to generate revenue earning $9.3 million before tax last quarter. Earlier this week it announced three sales agreements for a total of 70,000 and had interest from other buyers.

Image Resources managing director Patrick Mutz declared the agreements and expressions of interest as, “timely, but not surprising given the overall quality of the Boonanarring deposit”.

Petra Capital analyst Matthew Schembri rated the stock a buy earlier this week although only set a target price of 26 cents.


In other ASX corporate news today

Apollo Tourism (ASX: ATL) told shareholders it expects a net profit after tax of $14-$15.5 million but it has fallen 33 per cent from 60 cents to 40 cents. The RSI has reached 25, indicating heavy selling momentum. Why? Because it previously forecast $17.5 million to $19.5 million.

The rental van company told shareholders it had been a soft market recently but assured them forward bookings were in line with expectations. It also said it was reviewing the carrying value of the Australian goodwill which would impact NPAT, and cost structures were being reviewed.
Among the fund manager buyers today, UUV Aquabotix (ASX: UUV) shareholder Bergen Asset Management nearly doubled it shareholdings from 54 million to 106 million. It only paid $326,000 however after the underwater robotics company’s huge decline since its IPO at 20 cents.

Also Toronto asset manager Burgundy Asset Management became substantial holders of iSelect (ASX: ISU) with 5.32 per cent. Burgundy has accumulated $4.2 million in shares this year.