An ex-football chairman and the CFO of an animal feed company walked into a bar the stock market and bought $100,000 worth of shares each in a pot stock.

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.

A takeover continues…

As we covered last week, Ian Gandel is seeking to take Alliance Resources (ASX:AGS) off market, thinking it will be easier to develop its project.

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.

Code Company Director Change Date Volume $ What
MLL Mali Lithium Brendan Borg Buy 17 October 2,150,000 $172,000 Rights Issue
AGS Alliance Resources Stephen Johnston Sell 18 October 3,117,669 $436,474 Takeover offer
AGS Alliance Resources Anthony Lethlean Sell 18 October 881,252 $123,375 Takeover offer
LYL Lycopodium Lawrence Marshall Sell 21 October 280,000 $1,498,000 On market
SLK SeaLink Travel Group Christopher Smerdon Buy 18 October 381,250 $1,334,375 Rights Issue
SLK SeaLink Travel Group Terry Dodd Buy 18 October 1,000,000 $3,500,000 Rights Issue
SLK SeaLink Travel Group Jeffrey Ellison Buy 18 October 725,000 $2,537,500 Rights Issue
MNY Money 3 Corporation Scott Baldwin Buy 22 October 68,898 $148,820 Dividend Reinvestment plan
EMU Emu Tim Staermose Buy 22 October 4,464,678 $156,264 Placement
AGD Austral Gold Eduardo Elsztain Buy 18 October 24,362,663 $1,949,013 Rights Issue
AGH Althea Group Andrew Newbold Buy 25 October 250,000 $100,000 On market
AGH Althea Group Alan Boyd Buy 25 October 250,000 $100,000 On market
AHX Apiam Animal Health Christopher Richards Buy 24 October 492,795 $231,614 Dividend Reinvestment plan