Small cap director trades: who’s buying and selling their own stock
Here’s our weekly look at which ASX small cap directors are buying or selling their own stock (week of Sep 17):
There were about 21 notable director trades among ASX small cap stocks last week — of those seven were on market.
On-market trades are important for stockmarket investors to watch because that’s when company directors are playing with their own cash to buy into (or sell out of) their businesses.
>>Scroll down for a table of last week’s major ASX small cap director trades.
Last week’s biggest on-market trade was in fact two deals by Adam Gray — chairman of traffic enforcer Redflex (ASX:RDF).
Mr Gray spent $995,000 on stock in the traffic company last week, taking him to about 27 per cent of the business. It’s the third time he’s bought in this month.
Investors with long memories might remember that Redflex was once under investigation by the city of Chicago and the US Department of Justice. It settled two suits last year.
Revenue dipped 13 per cent last year to $105 million but losses also narrowed to $12 million.
The other big on-market trade was a sale by John Begg, boss of popular oil explorer Pancontinental Oil & Gas (ASX:PCL).
Mr Begg had just exercised 66 million options and disposed of 61 million, making a tidy $278,640.
It’s a good time to be selling: Pancon is pregnant with opportunity as drilling partner Tullow embarks on an initial exploration campaign in the Namibian sea.
Elsewhere David Williams has spent $60,000 on more Medical Developments (ASX:MDV) shares.
Investment banker Mr Williams is the chair of Medical Dev and the boss at Kidder Williams.
At Mainstream Group (ASX:MAI) the three largest shareholders — chief Martin Smith, chair Byram Johnston and director John Plummer — collectively sold 5 million shares to strategic investors.
They’ve promised not to sell any more until February next year.
So far the only director trade note to pop up is for Mr Plummer. He sold 1 million shares and got $700,000 for the trouble.
And at crypto investor DigitalX (ASX:DCC) Peter Rubenstein — one of the investors who helped take the company from ignominy to blockchain star last year — has been paid out his $170,000 worth of convertible notes in shares.
Mr Rubenstein joined the board alongside Blockchain Global founder Sam Lee, after the latter sank $4.35 million into DigitalX.
Before that DigitalX was chronically short of cash: it was consistently spending more than it had and barely making any money.
Today the company has professionalised into an Initial Coin Offering advisor (like an IPO except for cryptocurrencies) and crypto investor.
It had $5.4 million in the bank at the end of June and planned to spend just under a million in the September quarter. Half of that, however, was on admin.
Here’s a table showing recent ASX small cap directors trades:
Swipe or scroll to reveal table. Click headings to sort