Directors Trades: The BNPL stock that missed the boom, but netted $7m from directors
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While the buy now, pay later (BNPL) sector has been booming, FlexiGroup (ASX:FXL) has not been one of the beneficiaries of the soaring investor interest.
The company, which owns Humm, has fallen 40 per cent in 12 months.
FlexiGroup unfortunately saw the COVID-19 induced bad debts spike analysts had feared (which caused a 65 per cent fall in its profit).
The company is now moving to change its name to Humm and recently undertook a $140m capital raising.
Directors John Wylie and Andrew Abercrombie both invested more than $7m each and the pair now own over 26 per cent of the company between them.
Abercrombie originally founded the business in 1991, long before the BNPL concept was conceived.
Wylie, meanwhile, is the founder of executive capital firm Tanarra Group and chair of Australian government agency Sport Australia. He joined FlexiGroup early last year.
|TWD||Tamawood||Lev Mizikovsky||Buy||28 August||613,717||$1,777,818||On market + DRP|
|MHJ||Michael Hill||Robert Fyfe||Buy||25 August||1,180,000||$437,324||On market|
|PTB||PTB Group||Craig Baker||Buy||31 August||150,000||$112,363||On market|
|TPW||Temple & Wester||Mark Coulter||Sell||31 August||2,667,828||$24,277,234||On market|
|TPW||Temple & Webster||Conrad Yiu||Sell||31 August||500,000||$4,550,000||On market|
|SIQ||Smartgroup||Timothy Looi||Buy||28 August||17,500||$104,575||On market|
|SOM||Somnomed||Amrita Blickstead||Buy||1 September||62,768||$100,147||On market|
|DVX||Devex Resources||Tim Goyder||Buy||1 September||480,000||$100,800||On market|
|SO4||Salt Lake Potash||Mark Pearce||Buy||1 September||400,000||$200,000||Rights Issue|
|MOE||Moelis||Andrew Pridham||Buy||28 August||500,000||$1,825,000||On market|
|DDR||Dicker Data||Fiona Brown||Buy||1 September||14,035||$105,557||Dividend Reinvestment Plan|
|FXL||FlexiGroup||Andrew Abercrombie||Buy||28 August||6,578,948||$7,500,000||Rights Issue|
|FXL||FlexiGroup||John Wylie||Buy||28 August||6,378,269||$7,281,487||Rights Issue|
|PTB||PTB Group||Stephen Smith||Sell||2 September||888,000||$662,670||Off market|
|COG||Consolidated Operations Group||Cameron McCullagh||Buy||1 September||3,891,381||$257,220||On market|
|WZR||Wisr||Craig Swanger||Sell||28 August||2,106,953||$474,064||On market|
|GRB||Gage Roads Brewing||Robert Gould||Buy||4 September||4,000,000||$200,000||On market|
|GRB||Gage Roads Brewing||John Hoedenmaker||Buy||4 September||4,000,000||$200,000||On market|
|MCP||McPhersons||Geoffrey Pearce||Buy||31 August||40,000||$132,778||On market|
|TGR||Tassal||James Fazzino||Buy||4 September||54,800||$199,938||On market|
|ASG||Autosports Group||James & Nicholas Pagent||Buy||31 August||100,000||$127,486||On market|
|BC8||Black Cat Syndicate||Paul Chapman||Buy||8 September||243,903||$200,000||Placement|
|WSA||Western Areas||Daniel Lougher||Sell||8 September||75,000||$174,750||On market|
|CLQ||Clean TeQ Holdings||Robert Friedland||Buy||9 September||11,142,118||$3,127,099||On & off market|
|EGH||Eureka Group||Gregory Paramor||Buy||4 Sepember||637,500||$248,625||On market|
|PSQ||Pacific Smiles Group||Mark Bloom||Buy||9 September||100,000||$185,490||On market|
|AKG||Academies Australasia||John Schlederer||Buy||8 September||354,818||$102,676||On market|
|TMX||Terrain Minerals||Johannes Lin||Buy||7 August||28,411,223||$397,757||Off market|
|BET||Betmakers Technology||Todd Buckingham||Sell||4 September||8,500,000||$4,250,000||On market|
|3DP||Pointerra||Ian Olson||Sell||4 September||700,000||$312,213||On market|
Several other directors who traded this week were from companies that had further growth ambitions.
Robert Gould and John Hoedenmaker both bought $200,000 each on market in West Australian beer maker Gage Roads Brewing (ASX:GRB), which last month won the right to turn the A Shed on Fremantle Harbour’s Victoria Quay into its own hospitality venue.
Tasmania-based seafood farmer Tassal (ASX:TGR) wants to grow its prawn harvest volume by 60 per cent and James Fazzino chipped in $199,938 to help it do that.
Father and son duo Nick and Ian Pagent bought $127,485 of car dealer Autosports Group (ASX:ASG).
Mark Bloom from dental stock Pacific Smiles Group (ASX:PSQ) bought $185,490 worth of shares on market.
One of the larger trades came from Clean TeQ’s (ASX:CLQ) Robert Friedland, who bought over $3m in shares on and off market. The company is in both water tech and metals exploration.
BetMakers (ASX:BET) boss Todd Buckingham was one of the biggest sellers, parting with over $4m of shares.
But thanks to exercising over 16 million options he actually finished the week with more shares than he began with.
Outdoing him was Mark Coulter from Temple & Webster (ASX:TPW) who sold over $24m in shares to pay a tax bill.
Nearly $20m were in his name but another $4.5m were held by a unit trust in which he and his colleague Conrad Yiu had an interest.
Temple & Webster, now worth over $1bn, has skyrocketed over 400 per cent in 12 months, with locked down Australians getting cracking on their long-delayed home projects.
Ian Olson, from Bevan Slattery-backed geospatial analytics company Pointerra (ASX:3DP), also sold to pay a tax bill although he only parted with $312,213 worth of shares.