Director Trades: Who is selling down their lithium stock holdings?
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As volatility continues on global markets, ASX director trading activity has been heating up with announcements of some big buys and sells.
While some directors have been bullish on their companies, others have been reducing holdings as April continues to see some large director on-market trades.
Lithium developer Lake Resources (ASX:LKE) saw its managing director Stephen Promnitz dispose of 1 million shares for ~$2.292 million in direct transactions between April 20 and 22.
Promintz’s holdings in Lake are now 10,206,250 direct and 1,127,831 unlisted additional options with an expiry date of June 15, 200 and exercise price of 75 cents.
Lake plans to use direct extraction technology (DLE) for development of sustainable, high purity lithium from its flagship Kachi Project, as well as three other lithium brine projects in Argentina.
The projects cover 200 sqkm in a prime location within the Lithium Triangle, where 40% of the world’s lithium is produced at the lowest cost.
With its share price having risen ~587% in the past 12 months to $2, Lake Resources now has a market cap of ~$2.54 billion and has made it onto the ASX 300 in its recent rebalance.
Helloworld Travel (ASX:HLO) CEO and managing director Andrew Burnes along with his wife executive director Cinzia Burnes sold 532,898 worth of shares for ~$1.47 million on April 21.
The sale was made indirectly through Longbush Nominees Pty Ltd as trustees for the Burnes Superannuation Fund and reduces the couple’s holdings in Helloworld Travel to 10,000 shares.
The Australian Outback Travel Company which Andrew Burnes founded merged with Helloworld in 2016, where according to reports he was paid $25 million in cash, awarded $80.9 million worth of Helloworld shares and appointed to his positions.
The Helloworld Travel share price has risen ~40% in the past year to ~$2.72.
The founder of software solutions to the logistics industry WiseTech Global (ASX:WTC) Robert White has continued to sell down holdings in the company.
White sold 108,607 shares directly and indirectly through Realwise Holdings Pty Ltd, for which he owns 91.83%, between April 8 and 13 at an average price of $47.88, equating to ~$5.2 million.
He sold a further 1112,134 of WiseTech Global stock the same way at an average of $46.37 per share between April 14 and 21, again equating to ~$5.2 million.
White sold ~$13 million worth of stock in the company between March 25 and 31. He still owns ~3.45 million shares directly and ~121.87 million indirectly.
The Wisetech Global price is up ~45% in the past year.
Digital mapping and aerial imaging company Nearmap (NEA:ASX) saw its chairman Peter James sell down 488,155 shares indirectly through entities with which he is associated.
The shares sold for an average price of ~$1.37 amounting to ~$666k. Nearmap has flagged momentum in its North American business, highlighting “US$2 million in incremental annual contract value (ACV) from its government portfolio in North America in a single quarter (Q3 FY22)”.
The revenue was generated “across 31 US states and 2 provinces in Canada demonstrating the attractiveness, breadth and reach of Nearmap offering”, NEA said.
The company’s share price has dipped ~40% in the past year.
To buys, and car dealer Eagers Automotive (ASX:APE) has seen director Nicholas Politis bullish on the company’s prospects.
According to the ASX announcement Politis directly and indirectly, through WFM Motors Pty Ltd and NGP Investments (No 2) Pty Ltd, ponied up for 10,000 ordinary shares on April 14 at an average price of $13.42 totalling ~$134k.
The entities purchased another 10,000 on April 19 at an average price of $13.33 totalling ~$133k. Another 10,000 purchase at an average of $13.61 totalling ~$136k was made on April 20 and a further purchase of 10,000 shares made at an average of $13.79 totalling ~$138k on April 21.
Politis is a director and controlling shareholder of WFM Motors Pty Ltd and NGP Investments (No 2) Pty Ltd. The number of Eagers shares now held is 70,145,321.
Director and chairman of Eagers Audit & Risk Committe David Blackhall also purchased shares in the company indirectly through entities he is associated.
Blackhall purchased 1944 shares at $13.44 shares totalling ~$26k on April 19 and now holds 30,000 shares.
The company’s share price has fallen ~17% in the past year.
Navigator Global Investments (ASX:NGI) saw its independent non-executive director Suvan de Soysa pony up for 150,000 worth of shares for ~$240k indirectly through entities for which he is associated between April 20-26.
Wealth management software platform Bravura Solutions (ASX:BVS) saw its CFO and executive director and joint company secretary Brent Henley directly purchase ~$175 worth of stock on April 22.
And Afterpay backed venture capital firm Touch Ventures (ASX:TVL) saw its independent non-executive chairman Michael Jefferies snap up 1 million shares at ~16 cents per share amounting to ~$163k. Jefferies purchased the shares indirectly through entities for which he is associated.
According to its website Touch is “focused on high growth, scalable investment opportunities globally, including those who may benefit from Afterpay’s ecosystem”.
Touch raised $100 million at 40 cents when it listed on the ASX on September 29, 2021 but its share price has since fallen ~70%.