Directors Trades: These directors sold nearly $30m – because shareholders want more
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When two directors make a multi-million dollar share sale between them it would normally be considered a bad sign for shareholders. But what if it’s because shareholders’ want more?
Kogan.com (ASX:KGN) founder Ruslan Kogan and CFO David Shafer sold nearly $30m of shares between them.
Chairman Greg Ridder told the ASX last week that “existing shareholders…asked Ruslan and David to provide them an opportunity to increase their ownership levels in the company”.
“Ruslan and David have taken the opportunity to diversify a portion of their investments which most financial advisers would recommend doing over time.”
Consequently, the pair sold $21.7m and $8.3m respectively.
Ramelius Resources (ASX:RMS) Michael Bohm sold $754,710 shares that were under his wife’s name.
Six months ago these shares would only have been worth half that but strong production figures ensured this winter was not cold for them.
William Powell, director of Data#3 (ASX:DTL), sold $240,323 in shares. This company, being one of the few profitable tech stocks, has been on a solid run as of late. It is up around 50 per cent in six months, capped off with another record profit announcement last week.
The biggest buyer was Australian Dairy Nutritionals (ASX:AHF) director Paul Morrell, who bought $2.2m in a recent placement.
Stockhead recently attended a broker lunch held by the company, where among other things it said it had plans to enter the infant formula space.
Next was Hot Chili’s (ASX:HCH) Murray Black, who invested $500,000 in the copper-gold explorer’s placement.
Following him was Indoor Skydive (ASX:IDZ) director Steve Baxter, who bought $425,987 in a right’s issue.
The company has had a rough 12 months with a legal dispute, a reduction in sales and its share price shrinking.
Other companies with tough periods, such as Olivers’ Real Foods (ASX:OLI), promised this financial year would be better.
All that Indoor Skydive’s report promised last week was that “the company will continue its strategy of repair, growth and diversification”.
Smart Parking (ASX:SPZ) director Christopher Morris bought $175,043 on market.
Rounding out the list this week was Hub24’s (ASX:HUB) Bruce Higgins who bought $112,700; Vysarn (ASX:VYS) Peter Hutchinson who bought $250,000; Cirrus Networks’ (ASX:CNW) Paul Everingham who bought $210,050 and Silver Mines’ (ASX:SVL) Anthony McClure who bought $150,000.
|IDZ||Indoor Skydive Australia||Steve Baxter||Buy||21 August||42,598,688||$425,987||Rights Issue|
|HCH||Hot Chili||Murray Black||Buy||26 August||16,666,667||$500,000||Placement|
|KGN||Kogan.com||David Shafer||Sell||23 August||1,445,452.00||$8,311,349||Off market|
|KGN||Kogan.com||Ruslan Kogan||Sell||23 August||3,771,939.00||$21,688,649||Off market|
|AHF||Australian Dairy Nutritionals Group||Paul Morrell||Buy||19 August||18,288,342.00||$2,194,601||Placement|
|DTL||Data#3||William Powell||Sell||26 August||100,000||$240,323||On market|
|RMS||Ramelius Resources||Michael Bohm||Sell||27 August||600,000||$754,710||On market|
|SPZ||Smart Parking||Christopher Morris||Buy||27 August||1,000,000||$175,043||On market|
|GUD||GUD Holdings||Greame Whickman||Buy||26 August||25,000||$226,275||On market|
|VYS||Vysarn||Peter Hutchinson||Buy||28 August||4,629,630||$250,000||Public Offer|
|CNW||Cirrus Networks Holdings||Paul Everingham||Buy||27 August||5,000,000||$210,250||On market|
|HUB||HUB24||Bruce Higgins||Buy||28 August||10,000||$112,700||On market|
|SVL||Silver Mines||Anthony McClure||Buy||28 August||3,000,000||$150,000||Placement|