Roots Sustainable directors get more skin in the game as stock price grows
Food & Agriculture
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Special report: Shares in AgTech play Roots Sustainable Agricultural Technologies have climbed more than 50 per cent this month after a series of announcements.
The shares (ASX:ROO) closed at 29.5c at the end of April and are now sitting at 46c. That compares to their 20c issue price in December’s $5 million initial public offering.
Despite the strong recent share price performance, two key directors bought more stock this week, eyeing further upside.
Non-executive director, Adam Blumenthal, bought 304,632 Roots shares at an average of 39.4c this week.
Mr Blumenthal also converted 966,667 performance rights into shares after the stock passed a milestone of trading at 40c for five consecutive trading days.
The shares are subject to escrow until December 2019.
Roots co-founder Boaz Wachtel — who invented the company’s innovative underground root heating and cooling system — bought 78,000 Roots shares at an average of 38.6c.
Mr Wachtel also converted 500,000 performance rights into Roots CDIs.
Earlier this month Roots unveiled a world’s-first “Irrigation by Condensation” system — also invented by MrWachtel — that works completely off the grid.
Powered by the sun or wind, the system is capable of growing and sustaining entire growth cycles of food – all without any water input, even in the middle of the desert.
Roots also sells an underground heating and cooling system for crops that increases yields and allows crops to be grown out of season.
Water flows through underground pipes, heating or cooling the soil in a crop’s root zone by as much as 10 degrees.
This special report is brought to you by Roots Sustainable Agricultural Technologies.
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