Directors Trades: Another former AFL executive makes a big buy
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Last week it was former Hawthorn president Andrew Newbold who took a big leap of faith in his firm; this week it was former AFL commissioner Mike Fitzpatrick.
He is on the board of Carnegie Clean Energy (ASX:CCE), which was finally recapitalised and reinstated to the ASX last week. He bought just over $500,000 in the rights issue that helped the company relist.
Additionally, just over $2m in debt that was owed to him by the company was converted to equity. His colleague Grant Mooney had lent the company money as well and his debt was likewise transformed to shares.
The company hit a brick wall in March when the WA government tore up its contract with Carnegie to build a wave energy plant in Albany. The government was concerned it couldn’t complete the project. Since then Carnegie has gone digital with its technology and was reinstated last week.
Among other big buyers this week was Gavin Argyle from HotCopper (ASX:HOT) who bought $364,000 in the company’s rights issue.
The online stock forum is raising money to snap up a Canadian rival. The $C20m ($22m) move comes in light of headwinds in the online stocks chat market.
Clive Finkelstein of RPM Automotive (ASX:RPM) bought just over $3m worth of company shares, Empire Resources’ (ASX:ERL) Michael Ruane bought $100,050 and Neometals’ (ASX:NMT) David Reed bought $617,689.
Four Cogstate (ASX:CGS) directors – Richard van de Broek, Bradley O’Connor, Martin Myer and David Dolby – also picked up more shares in their company. They dropped nearly $1.6m between them on a rights issue.
Last week three directors of property developer Villaworld (ASX:VLW) – Clive Treasure, David Rennick and Mark Odgers-Jewell – sold their shares as Avid Property Group continued with its gradual snapping up of the firm’s shares.
Stavely Minerals (ASX:SVY) director Jennifer Murphy sold just over $500,000 in shares.
The base metals explorer, which a few weeks back made a 40 per cent copper hit, said the sale was made for personal reasons and that Murphy had no intention of selling shares in the near future.
The biggest seller this week was Redbubble’s (ASX:RBL) Martin Hosking who parted with over $11.5m in shares. Hosking co-founded the company in 2006 and retired as CEO in 2018.
Redbubble chair Richard Cawsey said,”it is great that he can realise a portion of the value he has helped create,” but commented that Hosking was still committed to the business via his remaining 19.6 per cent ownership.