Directors Trades: Over two dozen directors made $100k+ trades last week
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It is common for directors to be prohibited from trading their company’s shares ahead of an AGM, and with last week marking the end of the AGM season it kicked off a frenzied trading spree.
With restrictions lifted, 25 directors made trades worth over $100,000, with 15 buying and 10 selling.
Four of the sellers were from PainChek (ASX:PCK), which is one of 2019’s ASX success stories after rising from below 4c in early April to above 20c now.
The trigger for its staggering run was a $5m funding package from the Morrison government.
Four directors sold over $9m between them to fund tax bills as a result of exercising options. But they sold to institutional shareholders (as other company directors have done) and put a 12-month escrow on their new shares.
Also selling after exercising options was Spirit Telecom’s (ASX:ST1) Terence Gray, who parted with $281,250 off market but exercised $237,500 worth of options only a few days earlier.
Like Uniti (ASX:UWL), Spirit is vying to be an alternative to the NBN but the success of Uniti has thus far eluded Spirit. But ironically, Uniti made a takeover bid earlier this year and it was rejected.
Australian Financial Group’s (ASX:AFG) Malcolm Watkins and Brett McKeon sold $12.5m and $15m respectively. The reason? To assist in diversifying their portfolios. Again the shares were sold to institutional investors.
FIFO service provider Alliance Aviation’s (ASX:AQZ) Stephen Padgett sold $637,500. This came only a handful of days after he bought nearly the same amount in a dividend investment program.
You’d probably know Victor Previn as the founder and chairman of eye laser company Ellex (ASX:ELX). But he recently joined the board of South Australian copper-gold explorer Havilah Resources (ASX:HAV). Last week he bought $150,000 in Havilah.
Also in the mining space, Michael Elliot from graphite play Walkabout Resources (ASX:WKT) bought $230,000 on market. And Asimwe Kabunga of bauxite play Lindian Resources (ASX:LIN) bought $200,000 worth of shares.
PointsBet (ASX:PBH) directors have been active buyers and one of them went in again this week. Brett Paton bought over $3m and owns over 7 per cent of the company.
Donald Haller from sustainable packaging play Secos (ASX:SES) bought just over $250,000 worth of stock. After several months of stagnation, Secos shares have had a better few months climbing from 3c in April (when he last bought stock) to 9c last week.
The biggest buyer of all was Denis Wagner of Wagners (ASX:WGN). He co-founded the Queensland construction provider and put $22m into the company’s recent rights’ issue.