Directors Trades: This director sold $500k in shares to help bushfire victims
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Australia’s worst bushfire season on record has resulted in 27 fatalities, the loss of 2,600 homes and a billion animals.
There has been much argument about whether politicians and billionaires (with the exception of Andrew Forrest) are doing enough. But one ASX small cap director sold shares to help.
Superloop (ASX:SLC) director Bevan Slattery sold just over $500,000 in shares to donate to various charities supporting the bushfire relief efforts.
While directors selling shares often attracts criticism, in this case Slattery was praised for his move.
— Ron Shamgar (@RonShamgar) January 7, 2020
If his name rings a bell to you, it’s not a coincidence. He has built several technology and telecomunications businesses including NextDC (ASX:NXT) and Megaport (ASX:MP1).
While the announcement did not name the specific charities he personally was donating to, Superloop’s Facebook page listed several charities its customers could donate to.
These included the state fire services, Red Cross, WIRES and the Animal Rescue Craft Guild.
Tigers Realm Coal (ASX:TIG) is a rare breed on the ASX, being involved in Siberian coking coal.
Dr Bruce Gray put around $12.5m into a $40m rights issue, which will be mainly used to repay debt and interest, but some money will go to its project.
Falling coal prices and underperformance at its port hurt Tigers Realm in 2019. It wants to increase capacity and sell more metallurgical (the stuff used to make steel) rather than thermal coal.
There were only two other trades over $100,000 last week. Volt Resources’ (ASX:VRC) Asimwe Kabunga bought another $377,499 worth of shares in the Tanzania-focused graphite play’s rights issue.
Finally, Queensland-focused oil explorer Strata-X Energy (ASX:SXA) director Ron Prefontaine dropped $170,000 in a placement.