Directors Trades: Plastic pallet maker Range hasn’t had a good run, but these directors just dropped some cash in
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Last week was another quiet week for Directors Trades but one especially intriguing company caught Stockhead’s eye.
Range International (ASX:RAN) is the ASX’s only (recyclable) plastic pallet maker. It wants to establish itself as a substitute for wood pallets, which are a significant consumer of hardwood and consequent contributor to deforestation.
Unfortunately since listing at $1 back in mid-2016, Range plunged over 90 per cent in just 18 months. Much of the crash happened after two disappointing updates in April and December 2017 and the stock has not recovered.
But when you’re down the only way is up, right? The company recently undertook a capital raising and its two newest directors chipped in.
Richard Jenkins, who also became chairman, bought $250,000 while Christopher Fong bought $150,000.
Additionally, Peter Wallace, who is also chairman of media tech supplier Ambertech (ASX:AMO), bought $50,000.
Meanwhile, Martin Bryant of Australian Dairy Nutritionals (ASX:AHF) bought $100,000 worth of shares two months after joining the board.
The company owns Camperdown Dairy as well as another five farms in southwest Victoria. It bought the Camperdown Dairy from Bellamys, which previously bought it from Aussie Farmers Direct when it went out of business.
It hopes to eventually enter the infant formula market both in Australia and China – and wants to stand out by being organic.
Finally there was Jorge Beristain from Piedmont Lithium (ASX:PLL) who bought $113,444 on market. This company’s project is in an area you wouldn’t think of as a lithium-rich area — North Carolina.
But it is right in the heart of the so-called “Auto Alley” in the US where most of the traditional car makers have factories.
It also hopes to take advantage of lower production costs and taxes in the US as well as it’s high-grade project. It’s estimated resource is 27.9 million tonnes at 1.11 per cent lithium.
While Piedmont’s share price suffered for much of last year in conjunction with the broader lithium market, it has begun to rise again, gaining 56 per cent in the last three months.