Director Trades: This resources chairman just dropped a cool $1m to buy more stock on-market
Link copied to
ASX director buying activity was fairly spread out over the past fortnight, with larger share sales few and far between.
However one director who bucked that trend was Equus Mining (ASX:EQE) chairman Mark Lochtenberg, who snapped up a healthy parcel of stock on-market on Wednesday.
Lochtenberg ponied up for 5,882,353 ordinary fully paid EQE shares at 17c a pop, for a total outlay of $1m (on the button).
The acquisition brought his holding in the company to 12,487,431 ordinary shares, plus 555,555 unlisted options.
EQE shares eased back through the course of 2021, from a starting point of around 30c to current levels (16.5c).
However, the company had a busy year, generating some cash flows from gold and silver production via low-grade stockpiles at its ‘Cerro Bayo’ project in Southern Chile.
By the looks of Lochtenberg’s latest investment, he’s backing the company in to recognise some upside by proving up some brownfields and greenfields targets in close proximity to its processing plant.
Another director buying up shares in the resources sector this week was Terry Gardiner at Galan Lithium (ASX:GLN), who snapped up 50,000 shares on-market at $1.51 for a total outlay of $75,664.
It was a fairly small top-up in the context of Gardiner’s total interest in the company, which stands at north of 6.5m shares across direct and indirect interests.
Galan advanced two lithium brines projects in South America towards production last year as lithium prices ripped higher, and the stock almost quadrupled.
But at $1.51, Gardiner may have been taking advantage of a recent downturn, which saw GLN shares cool off from mid-January highs of almost $2.
Switching from commodities to tech, and one high-profile director who topped up in the wake of the January tech wreck was billionaire investor Alex Waislitz, at Thorney Technologies (ASX:TEK).
The listed investment fund wasn’t immune to the January tech wreck, falling by around 20% from the middle of the month.
At just above 30c, Waislitz was a buyer, acquiring three parcels of 73,500, 10,000 and 59,130 shares at at 34c, 35.5c and 36c respectively.
Those on-market purchases mark something of a drop in the ocean as part of Waislitz broader TEK holdings, which amount to 85,466,020 shares through various entities.
Another tech director buying on-market was Daniel Froggo, CEO of fintech consumer finance platform Plenti (ASX:PLT).
Froggo acquired Plenti shares every day last week, in parcels of between 18,000 and 65,001 shares for a total of 166,000 shares.
The top-up brought his total holding to 2,329,161 ordinary shares.
Along with other fintech players, Plenti was caught up in the January selloff but has bounced back off recent lows at just over $1 per share, to close yesterday at $1.20.
In biotech, Paradigm Pharmaceuticals (ASX:PAR) director Donna Skerrett made a material addition to her shareholding in the company, acquiring 375,000 shares in the business on January 25 for a total consideration of $708,750.
The acquisition was in connection with an employee share plan, and brings Skerrett’s total interest in the company to 1,094,284 shares.
In mid-January, Paradigm announced that the first patients have been dosed for its Phase 3 study evaluating its injectable pentosan polysulfate sodium (iPPS/Zilosul) solution “for the treatment of pain associated with knee osteoarthritis (kOA)”.