Directors Trades: When you’re forced to sell because of the ‘Taxman’
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Last week appeared to be a good time to buy, judging by the number of trades above $100,000; but two directors not only couldn’t buy, but had to sell.
Why? The Taxman.
Kogan’s (ASX:KGN) Harry Debney sold nearly $1m of stock to pay a tax bill. Rhipe’s (ASX:RHP) Dominic O’Hanlon did likewise, selling $4.7m.
But O’Hanlon was left with more skin in the game, thanks to exercising options his stake in the company only went down 20 per cent.
Debney’s share shrunk by about two thirds, going from 245,000 shares to 79,000 shares.
Race Oncology (ASX:RAC) raised $1.4m last week and shareholders were excited that prominent biotech investor Daniel Tillett bought in.
But Tillett was not alone, director John Cullity chipped in $250,000. The company now has sufficient funding for 12 months — by the end of which it anticipates to have completed its current clinical trial.
Last time Cokal (ASX:CKA) director Karan Bangur bought $900,000 in shares just a few weeks ago – two of his colleagues joined him. This week he went in again, but alone.
Since he last bought in, the stock is up 4 per cent from 5.1c to 5.3c – meaning a modest gain of around $40,000.
Bangur’s Aahana Mineral Resources (an Indonesian coal play) now owns 20 per cent of the company.
Packaging manufacturer Pact Group (ASX:PGH) Raphael Germinder bought $19m in shares in four separate trades across the week.
He now owns 41 per cent of the company. His colleague, Maragaret Cattermole, also chipped in, buying $200,000.
A familiar name to those who follow substantial holders and directors trades, Lev Mizikovsky, bought $434,247 of Advance Nanotek (ASX:ANO) shares.
Saferoads Holdings’ (ASX:SRH) Darren Hotchkin was another buyer – acquiring $107,800 on market.
Smart home device maker Quantify Technologies’ (ASX:QFY) Peter Rossdeutscher bought $100,269. A fortnight ago, the company got its 3rd WA distributor, and last Friday it got its first in the sunshine state.