Directors Trades: These directos are selling millions to make way for the instos
Link copied to
Directors buying is generally a sign they believe in the company and are in it for the long haul.
Sahba Abedian arrived at Sunland Group (ASX:SDG) in 1998 and has been the managing director since 2006. Last week he bought $882,519 shares on market.
Clearly he is in it for the long run. His father Soheil founded the business in 1983 and still sits on the board.
Rural Funds Group (ASX:RFF) directors continued to buy their own stock as it sues Bonitas over its allegations. Last week, Leslie Paynter bought $195,000.
Another director who bought was Alliance Resources’ (ASX:AGS) Ian Gandel, who sunk a further $374,401 to pick up more shares.
The gold miner, which Gandel owns over 30 per cent of and has served on the board since 2003 ,is a current takeover target.
Speaking of takeover bids, one company undertaking a bid of its own is Silver Lake Resources (ASX:SLR). It is in the process of taking over Egan Street Resources (ASX:EGA) and Silver Lake director Les Davis bought $550,974 worth of his company’s shares on market.
This week is was Volpara Health Technologies’ (ASX:VHT) turn. Four directors sold $8.16m between them.
About $6.4m of the total came from Ralph Highnam and Roger Allen. John Brady sold $1.28m and John Diddams sold $480,000. Highnam said the off market trades would strengthen its institutional base.
“These individuals remain totally committed to the business and its work in the early detection and ultimately prevention of breast cancer,” chairman Paul Reid said.
This also happened with lead explorer Galena Mining (ASX:G1A), with directors selling $8m between them because an institutional buyer wanted in.
Lycopodium (ASX:LYL) director Rodney Leonard also sold a big chunk of shares ($5.3m).