Directors’ Trades: Who just splashed $21 million into their own coal company?
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Only 13 trades by ASX small cap directors were over $100,000 in the last fortnight but two of them were over $20 million each.
The first of these was a familiar face, Dr Bruce Gray from Siberia-focused coal stock Tigers Realm Coal (ASX: TIG) who bought $21.4 million in his company’s latest rights issue.
His colleague Owen Hegarty also bought shares but a more modest sum of $48,000.
Second was Ovato’s (ASX:OVT) Michael Hannan who bought $20.2 million in shares.
Ovato is one of Australia’s largest print and print distribution businesses and also has a PR and digital media agency.
It has struggled with the decline of print media and late last year announced a $40 million restructure to stay afloat.
The trade made by Hannan actually took place on Christmas Eve but was only disclosed to the ASX last week.
Ovato said the late disclosure it was an administrative oversight with the recapitalisation transaction that occurred.
Speaking of big trades, Bob Shaw hailing from business travel and expense management software company Serko (ASX:SKO) sold $4.87 million in shares last week.
The company told shareholders it was to meet a “personal property matter”.
In a sure sign the Cardinal (ASX:CDV) takeover saga is drawing to a close, directors Kevin Tomlinson and Michele Muscillo parted with their shares – $6.36 million and $895,833 respectively.
Robert Friedland and Jiang Zhaobai of Clean TeQ Holdings (ASX:CLQ) bought $3 million each in their company’s $35m placement.
This stock is a tech metals and water treatment company and has said the proceeds would be split across its various forays but is currently considering a demerger of its water division from its minerals exploration business.
Speaking of battery metals plays, Chris Chalwell from Galan Lithium (ASX:GLN) bought $632,520 on market.
This company has grown from 13 cents to 52 cents in just over two months due to battery metals sentiment and individual company progress.
Galan completed a preliminary economic assessment Hombre Muerto West lithium project in Argentina and it will have one of the lowest cost projects in the industry. It has also picked up an 80 per cent interest in the Greenbushes south project in WA – which is 3 kilometres south of the Greenbushes mine.
And rounding out the trades was Andrey Shirben from airport transfer marketplace Jayride (ASX:JAY) who bought $100,369, also on market.
At Stockhead, we tell it like it is. While Galan Lithium is a Stockhead advertiser, it did not sponsor this article.