Directors Trades: This director took a $1.2m punt on an industrial pipemaker
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One director is backing Tubi (ASX:2BE) hard, injecting $1.2m into the industrial pipemaker.
Anthony Willsallen showed his confidence in the company, increasing his shareholding in a rights issue.
Pipes have been in hot demand during COVID, with Tubi reporting recently that increased orders drove production up 55 per cent in the June quarter.
Marcello Russo also participated in Tubi’s capital raising, dropping in $200,000.
Michael Kay bought nearly $150,000 worth of shares in City Chic Collective (ASX:CCX) in a share purchase plan.
The fashion retailer reported a 31 per cent increase in revenues to $194.5m and a profit before tax of $16.7m for FY20.
While the company was forced to close many of its stores due to the pandemic, online sales continued unaffected and now account for two thirds of the company’s global business.
Redbubble is a global online marketplace for print-on-demand products based on user-submitted artwork.
Bean Heap, who only joined the company in April, opted to buy $186,759 on market.
There were another handful of directors of small caps in the resources sector. This included buyers of a number of gold stocks despite the gold rally stalling in recent days.
West Australia-focused King River Resources’ (ASX:KRR) saw Anthony Barton buy $150,000 in a share purchase plan, while Golden Rim Resources’ (ASX:GMR), which is focused on West Africa, saw Adonis Pouroulis chip in another $150,060 in a placement.
Laurence Marsland, a director of Ecuador-focused Titan Minerals (ASX:TTM), bought $250,000 worth of shares in a placement.
In the potash sector, Tony Swiericzuk and Ian Middlemas topped up their shareholdings in Salt Lake Potash (ASX:SO4).
This company is on the cusp of bringing its Lake Way project in WA’s Goldfields region into production. Lake Way is expected to produce 245,000 tonnes per annum of sulphate of potash — generating after tax free cash flow of $78m each year.
Another buyer was Daryl Henthom, a director of copper play Redbank (ASX:RCP) which has projects in South Australia and the Northern Territory. He bought $165,527 worth of shares in a rights issue.
Last week’s biggest seller was Phillip Cave who hails from Anchorage Capital — Bisalloy Steel’s (ASX:BIS) former largest shareholder.
He stood down as Bisalloy chairman last week and all of Anchorage’s holdings were sold, amounting to $7.7m and accounting for over 15 per cent of the company.