Directors Trades: Hawthorn’s most recent president is now showing his colours for his company
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An ex-football chairman and the CFO of an animal feed company walked into
the stock market and bought $100,000 worth of shares each in a pot stock. a bar
That might sound like a joke itself but last week it actually happened.
Althea Group (ASX:AGH) had good news on Friday, announcing 2,705 patients had been prescribed its medical cannabis product and the number would reach 4,000 by the end of the year.
But one of its substantial holders, Canadian pot company Aphira, had sold its stake at a hefty discount and the share price swung accordingly.
Non-executive director Alan Boyd and chairman Andrew Newbold took a leap of faith and bought $100,000 each. Alan Boyd is CFO and company secretary of livestock feed company Ridley Corporation (ASX:RID).
Andrew Newbold is a lawyer by trade and was chairman of Hawthorn during its hat-trick of premierships. He also co-founded RealAs, a real estate start up that was acquired by ANZ.
Althea’s founder, Josh Fegan, also chipped in with a smaller amount, investing $20,000. But he remains the largest shareholder with 24 per cent of the company according to Bloomberg.
Two of his colleagues at Alliance, Stephen Johnston and Anthony Lethlean, parted with their stakes in the company. The pair sold $436,474 and $123,375 respectively.
Only one other director sold this week, Lycopodium’s (ASX:LYL) Lawrence Marshall, who sold nearly $1.5m in stock.
Also trading in a group were three directors of SeaLink Travel (ASX:SLK) — Christopher Smerdon, Terry Dodd and Jeffrey Ellison, who bought nearly $7.4m between them.
Two directors bought stock as part of a dividend reinvestment plan. Money 3’s (ASX:MNY) Scott Baldwin bought $148,820 and Apiam Animal Health’s (ASX:AHX) Christopher Richards chipped in $231,614.