Directors’ Trades: Resources has been off the boil, but these directors just took a punt on their companies
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It’s been a rough few weeks for the much of the resources sector, particularly oil and iron ore, but that didn’t stop a handful of directors buying shares in their companies.
This company has been listed for several years but has been on a hot run recently since it announced it would sell its 40% interest in the 820 million tonne Red Hill Iron Ore Joint Venture (RHIOJV) to Mineral Resources (ASX:MIN) for a whopping $400 million in cash.
In potash, Ian Middlemas from Salt Lake Potash (ASX:SO4) – a company that’s no stranger to this column – bought $875,000 in a placement. His company is one of several in the race to be the first company to begin potash production.
Turning to oil and gas, one trade came from WA focused company Triangle Energy (ASX:TEG). Robert Towner bought $100,000 in a placement while his colleagues Timothy Monckton and Malcolm King bought $10,000 each.
One of the few listed brokers on the ASX is Euroz (ASX:EZL) which is based in WA. The company ran a Dividend Reinvestment Plan and two directors Ian Parker and Robert Black took up over $100,000 as part of that.
Specifically, it raised just over $110 million to acquire Smoothwall, the UK’s leading provider of K-12 digital safety solutions which services more than 12,400 schools and 6 million students — around 38% of the market.
Most other trades were in the millions with two trades from PointsBet (ASX:PBH) trumping all others – Brett Paton bought just over $20 million in the latest rights issue while Samuel Swanell sold nearly $9 million in an off market trade.
New Zealand venture capitalist Philip McCaw, known for being an early investor in New Zealand’s largest online classified site Trade Me, bought $3.3 million of Aroa Biosurgery (ASX:ARX) which he sits on the board of.