Director Trades: It’s never too late to report that massive trade from 2013
Usually Stockhead’s director trades only looks at the biggest deals, but small cap board members have been doing so little buying and selling only two cracked the $100,000 mark this week — and one wasn’t even this year.
Cougar Metals (ASX:CGM) has revealed just how much chairman Randal Swick’s wife backstopped a capital raising — in May 2013.
Mrs Swick or entities operating under her name underwrote the $2.3m raising, putting in $1.95m.
This is the first time Cougar Metals has reported a change in a director’s shareholder — up or down — since July 2011.
Peter and Nathan Wise bought $700,000 of stock in MPower (ASX:MPR) during a capital raising in January that was part of the companies shift from Tag Pacific to the new entity.
But only $800,000 of the $2.6m rights issue was taken up.
The Wises’ company now owns 70.4m shares or a solid 40 per cent.
Putting your money where your job is
Buying on market is usually a good sign that a director believes so much in their company they’re willing to put their own money on the table.
Last week just two small cap directors bought stock on market at levels below our usual $100,000 cutoff, but higher than $10,000.
Ausgold (ASX:AUC) chairman Richard Lockwood bought $500,000 shares for $13,000.
He now has 33.7m shares are a whole pile of options and performance rights.
Tamawood (ASX:TWD) Lev Mizikovsky continued to buy, sinking another $70,357 into the Queensland homebuilder.
Mr Mizikovsky has been buying consistently since November and now is less than 1 per cent away from having his hands on a controlling stake in the company.
All is not well at Blackham Resources (ASX:BLK).
The company almost went the way of the dodo at the end of 2017 when it ran up against some very hard debt repayments deadlines, but somehow salvaged it all at the start of 2018 and raised a big pile of cash via selling stock and options.
The share price surged to a high of 10.5c when it reported much lower costs in April, but that’s been followed by quarter-after-quarter of higher costs and lower production.
On Friday the stock hit not-quite a 52-week low of 4c.
But that cap raise is coming home to roost.
Chairman Milan Jerkovic and managing director Bryan Dixon both let their ambitiously-priced 8c options lapse when they expired at the end of January, proving the naysayers who never believed Blackham could maintain that early 2018 share price spurt correct.
Tilt Renewables (ASX:TLT) directors have re-started their monthly contribution to the company by putting half of their fees into shares.
Tilt’s trading policy requires that all directors spend half of their gross fees on buying stock every month. But for the four months last year when the company was fighting off a takeover no trades were made.
Five of the directors paid just over $20,000 for shares, while chairman Bruce Harker paid $41,000.