Director Trades: Last week the sellers were many but the buyers were few
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It usually the case that buyers outnumber sellers but last week the directors’ trades market was dominated by sellers.
The most notable was Carl Hung who sold $958,333 of his Beam Communications (ASX: BCC) shares. He had two reasons – first he wanted to put money into another of his companies and second, an unnamed fund manager wanted to buy into Beam.
Hung consequently went from holding 17 per cent to holding 10 per cent of the company and from second to fourth on the top holders list.
Olivers Real Food (ASX: OLI) CEO Jason Gunn agreed to lend the company up to $500,000 as its cash reserves reached a low. He sold over $100,000 in stock, presumably for this but still owns 17.67 per cent. Meanwhile, WiseTech investor and director Michael Gregg bought into the company.
Connexion Telematics (ASX: CXZ) directors Aaryn Nania and Mark Caruso sold $270,950 and $541,879 respectively. They bought a week after it released its quarterly. It announced 76,000 customers signed up and hence $1.7 million in revenue was generated.
The remaining three sellers went in as a trio. Bligh Resources (ASX: BGH) directors Stephen Parsons, Raymond Shorrocks and Michael Naylor sold $6.8 million between them. This is because the company is being acquired – at a price double what it was six weeks ago.
Registry Direct (ASX: RD1) directors Donald McLay and Ian Roe were the only buyers, both buying over $200,000 each in a rights issue.
In its last business update, the software company admitted it was disappointed with progress – only one new listed customer was on-boarded in the quarter.
But it was that keen to show its worth it invited both shareholders and non-shareholders to a free demonstration of its system.