Here’s our weekly look at which ASX small cap directors are buying or selling their own stock (week of Sep 10):

There were nine multi-millon dollar deals in small cap land last week — six buys and three sales.

The biggest trade was Ben Gisz from TDM Asset Management with an $8.2 million splash into Pacific Smiles (ASX:PSQ) on market, buying $5.7 million shares.

The second was a sale associated with Chinese lawyer and fund manager Brett Tang worth $2.3 million in Stonewall Resources (ASX:SWJ). A convertible note had been paid back with interest in scrip, and the 251 million shares were promptly sold off for a tidy $613,912 profit on the original note value.

Mr Tang is a shareholder in Tasman Funds Management, which is Stonewall’s biggest shareholder.

(Both men are board representatives of the institutions they work for, and it was the funds behind them that actually made the trades.)

>> Scroll down for a list of the $100,000-plus ASX small cap director trades reported last week

The biggest personal deal was by former Australia Post boss Ahmed Fahour into Pro-Pac Packaging (ASX:PPG). Mr Fahour spent $2.1 million on a share placement in order to maintain his 6 per cent stake.

The placement is paying for two packaging makers that Pro-Pac is buying.

Aside from Mr Gisz’s employer’s punt on Pacific Smiles, the only other on-market trade within the million-dollar club was by Rhipe (ASX:RHP) exec Dawn Edmonds.

On-market trades are where a director buys shares directly rather than by participating in capital raisings, exercising options, or being given stock in lieu of fees or for hitting performance milestones. They are using their own money to buy in because they want to — or to sell out.

Ms Edmonds sold 1.3 million shares and made $1.5 million. She has 2.7 million left to sell.

Her colleague Michael Tierney was also selling, but he only made $826,000.

The reassured investors before the notices were published on the ASX, saying the sales were to “diversify their personal portfolios” and add liquidity to the cloud software consultant.

Credit Intelligence (ASX:CI1) CEO Jimmy Wong sold a whopping 65.8 million shares to make way for two new shareholders.

The sale of 14 per cent of his holding netted $1.4 million. He’s still the largest shareholder with 47.85 per cent of the Hong Kong debt restructuring company.

Fertoz’s (ASX:FTZ) chairman Patrick Avery is an honourable mention among the million-dollar dealers this week as he received 6 million shares, which work out to be worth $1.2 million at the closing price on Friday.

Mr Avery didn’t buy the shares because they’re performance incentives. He’s already met the hurdle for the first 2 million, so those are his, and he has to meet four more hurdles to get the rest.

The final hurdle is a share price above 60c for more than ten consecutive days. Fertoz closed at 20c on Friday.

Selling down

There were seven sellers in total among the 31 trades above $100,000 that were reported last week.

Of these, one was at pains to reassure investors that a sale wasn’t a sign the boss was moving on.

Energy-generating window maker ClearVue Tech (ASX:CPV), which rose 40 per cent last week, was worried chairman and founder Victor Rosenberg’s decision to take some profits on 250,000 shares might be misinterpreted.

“These shares are a minority of Mr Rosenberg’s total shareholding and represent 0.26 per cent of the issued capital of ClearVue.

“Mr Rosenberg sold his shares for personal asset management purposes and has advised that he has no intention to sell any further shares at this time,” the company said.

For all that he made $141,750.

Cogstate (ASX:CGS) director Bradley O’Connor reported some arbitraging last week. He exercised 250,000 options (meaning he turned them into shares, paying a fixed 49c per option to do so) and then sold 300,000.

He got 58c a share on the sale, making $51,760 in the difference.

Former Senator Kate Lundy added a little bit more to her shareholding in Electro-Optic Systems (ASX:EOS) last week.

It was by no means close to the largest trades of the week at $9985, but it was Ms Lundy’s second trade since being voted onto the board in March.

Out of the money

Victorian fruit juicer The Food Revolution Group (ASX:FOD) had a good week with a 23 per cent stock price bump after two new investments.

But chairman Bill Nikolovski had to watch 22.5 million C Class performance shares evaporate because the company didn’t hit a hurdle needed to convert them.

He lost them because the company didn’t achieved an EBITDA (earnings before interest, tax, depreciation and amortisation) run rate over six months of $10 million or more.

Its full year EBITDA was $3.8 million.

Here’s a list of $100,000-plus ASX small cap director trades reported last week

ASX code Company Director Change Date Volume $ Where Total holdings controlled
SKN Skin Elements Peter Malone Buy Aug 9 5,100,000 126635 Entitlement issue 15.2m
AJQ Armour Energy Stephen Bizzell Buy Sept 7 338,877 338877 Entitlement issue 1.7m
CI1 Credit Intelligence Wong Ka Sek Sell Sept 7 65,760,833 1444758 Off market 392.6m
CZL Consolidated Zinc Stephen Copulos Buy Sept 5 10,000,000 143646 On market 225.4m
JLG Johns Lyng Group Scott Didier Buy Sept 5 150,000 148929 On market 57.8m
NEW New Energy Solar Alan Dixon Buy Sept 4-7 200,000 294550 On market 7.2m
PPG Pro-Pac Packaging Ahmed Fahour Buy Sept 10 6,139,353 2087380 Placement 34.4m
RDF Redflex Holdings Adam Gray Buy Sept 3, 4 6 467,098 195091 On market 38.3m
RRL Regis Resources Mark Clark Buy Sept 7 750,000 1050000 Exercise options 3.9m
SPI Spitfire Materials John Young Buy Sept 7 3,200,000 233600 On market 23.2m
VRS Veris Brian Elton Buy Sept 4-7 801,413 185424 On market 11.9m
MNS Magnis Resources Marc Vogts Buy Sept 10 300,000 111540 On market 1.2m
TAS Tasman Resources Douglas Solomon Buy Sept 11 8,411,053 420552 Rights issue 92.6m
BSP Black Star Petroleum Po-Tao Wei Buy Sept 7 114,132,016 251090 Off market 114m
CGS Cogstate Bradley O'Connor Buy Sept 5-11 250,000 122500 Exercise options 4.5m
CGS Cogstate Bradley O'Connor Sell Sept 5-11 300,000 174260 On market 4.2m
SE1 Sensera Jonathan Tooth Buy Sept 11 7,280,621 800868 Entitlement issue 9.2m
FTZ Fertoz Patrick Avery Buy Sept 10 6,000,000 0 Shareholder approved 6.1m
RHP Rhipe Dawn Edmonds Sell Sept 12 1,300,000 1534000 On market 2.7m
RHP Rhipe Michel Tierney Sell Sept 12 700,000 826000 On market 2m
RRL Regis Resources Paul Thomas Buy Sept 12 168,415 235781 Exercise options 263,748
SEH Sino Gas & Energy Glen Corrie Buy Sept 12 17,917,728 0 Incentive shares 28.2m
SWJ Stonewall Resources Brett Tang Sell Sept 5 251,434,703 2262912 Sold shares converted from note 327.3m
ATL Apollo Tourism & Leisure Luke Trouchet Buy Sept 13 966,970 1437113 Dividend reinvestment plan 96.8m
ATL Apollo Tourism & Leisure Karl Trouchet Buy Sept 13 966,970 1437113 Dividend reinvestment plan 96.8m
CDY Cellmid Dennis Eck Buy Spet 12 2,631,579 1000000 Placement 5.3m
DFM Dongfang Modern Agriculture Hongwei Cai Buy Sept 10 110,000 110600 On market 263.7m
CPV ClearVue Technologies Victor Rosenburg Sell Sept 13 250,000 141750 On market 22.4m
PSQ Pacific Smiles Group Hilton Brett Buy Sept 13 146,155 210463 On market 536,353
PSQ Pacific Smiles Group Benjamin Gisz Buy Sept 13 5,664,267 8213187 On market 30m
NAN Nanosonics David Fisher Sell Sept 13 50,000 163259 On market 453,940
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