Last week was notable for one thing: small cap directors were on a bender, buying and selling big.

The biggest deal was in Adairs (ASX:ADH) where director Trent Peterson sold $25.3 million of shares from his company Catalyst to Wilson Asset Management.

A company spokesman said he couldn’t identify the buyer, but a substantial shareholder notice for Wilson did appear just after the sale (it now owns 6.19 per cent).

Mr Peterson now owns 22.6 per cent of the company via four holdings.

“Catalyst has been and is committed to remaining a shareholder at Adairs for years to come,” Mr Peterson told Stockhead.

The biggest buys

Medical Developments (ASX:MVP) last week downgraded sales guidance for its famous “green-whistle” pain reliever which pushed its shares to their lowest point since October.

That prompted chairman David Williams to start buying.

The investment banker spent $2.8 million on stock on two occasions, after its share price dropped from more than $7 to less than $5.60.

Mr Williams has 9.2 million shares in the ‘green whistle’ maker.

Peter Pawlowitsch spent $384,000 on call recording software maker Dubber (ASX:DUB) last week, and this week sank $899,999 into Ventnor Resources (ASX:VRX).

The off-market deal brings his interest in the company to just under 8 per cent.

Mr Pawlowitsch also chairs Novatti and sits on the boards Knosys.

Specialty Fashion (ASX:SFH) directors were backing the company’s structural review under which the retailer shucked off five brands for $31 million.

From the top: Ashley Hardwick bought $408,420; cousin Michael Hardwick splashed out on $98,100; and Anne McDonald spent $12,950.

All bought after the share price spiked from 38c following the review news. Ms Hardwick paid 58c a share, Mr Hardwick paid 56c, and Ms McDonald paid 65c.

Citigold Group (ASX:CTO) chairman Mark Lynch bought $366,000 worth of 0.6c stock last week, the total haul being a whopping 61 million shares.

You need to buy a lot of shares to get noticed when a company’s share price is below a cent.

Mr Lynch did not, in fact, buy the whole company because Citigold has almost 2 billion shares on issue. The purchase only brought his stake to 8.41 per cent.

Tolga-watch

Mining identity Tolga Kumova has continued to buy New Century Resources (ASX:NZC).

After buying $1.1 million of shares two weeks ago, he topped that up again last week buying $164,000 worth.

He now owns 17.8 million shares, or 5.2 per cent.

Option sales and the annual buy

Lepidico (ASX:LDP) managing director Julian Walsh had a second go at arbitraging his options.

Last week he paid $272,250 to exercise 15 million options and made $211,310 by selling 5 million of the news shares.

This week was as fruitful. He paid $90,750 to convert 5 million options into shares (the options were worth 1.815c each to exercise), and made $176,098 back when he sold 4 million.

The options Mr Walsh is using expire in August.

There has been a flurry of activity at Breaker Resources (ASX:BRB) over the last two weeks.

Chairman Tom Sanders spent $145,000 on two trades which went straight into the family super fund. Director Mark Edwards spent $30,000, half of which went into his name and half into the super fund.

The last they bought — September last year — Breaker’s share price was considerably higher than it is now (29c on Friday) when it was 70c.

The wheels fell off its share price this year in April after two major shareholders upped sticks and sold, followed by a disappointing maiden resource report for their Bombora gold mine.

Exit stage right, Pro-Packaging

Outgoing director Elliot Kaplan, who stepped down from the chairmanship last year to make way for ex-Australia Post boss Ahmed Fahour, has sold again, marking the latest in a series of substantial stakeholder and director sales.

Mr Kaplan sold another 50,000 shares for $21,470, after selling $152,173 the week before.

He now owns no shares in the company (ASX:PPG) but has 1.2 million options.