Directors Trades: This group of directors bought $5.1 million and made $1.4 million
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Nine directors made trades of more than $100,000 this week and four of them came from the same company. A group of Uniti Group (ASX: UWL) directors put $5.1 million into the telco company – which sees itself as an alternative to the NBN.
Despite competition from Osteopore (ASX: OSX), Uniti is still 2019’s most successful IPO debuting at 20 cents in February and now sitting at $1.54 as of Friday. One of the reasons for its growth is acquisitions and its $100 million raise helped it snap up LBNCo.
Vocus founder Vaughan Bowen, who only joined after the company’s listing, led the pack, investing $3.3 million. Graeme Barclay spent $1.46 million, John Lindsay bought $160,997 and Kathryn Gramp put in $156,910.
All of them bought at $1.20 and together spent $5.1 million. Based on Friday’s price, this would now be worth $6.6 million – a gain of almost $1.5 million.
The remainder of directors that made big trades went solo. Objective Corporation (ASX: OCL) director Gary Fisher sold $1.6 million on market. Only a month ago, the tech play announced a $9.1 million profit – a 23 per cent increase from the year before.
Also selling this week was Diatreme Resources’ (ASX: DRX) Yufeng Zhuang, who sold $109,705 in shares of the silica miner. The company is targeting the solar panel market in Asia and signed an MOU for offtake with Chinese-based Wan Zhong Investment Group. It will potentially supply up to 500,000 tonnes per annum of silica.
Buying shares this week was Redflex Holdings (ASX: RDF) Adam Gray who bought $761,946 and Engenco’s (ASX: EGN) Dale Elphinstone who bought $184,804. The former company makes red light cameras and speed cameras while the latter is an owner of various engineering businesses.
But the biggest buyer was Ian Gandel from Alliance Resources (ASX: AGS) who is seeking to buy the company outright. He bought another parcel of shares – this week at $937,422.22 and owns 46.71 per cent of the company. The bid is now unconditional and it seems nothing will stop the takeover now.