Director Deeds: Big sales steal the spotlight

Activity in the Director Deeds space has slowed down over the past fortnight but there were still some eye-watering sales made by ASX directors.

Between March 10 and March 23, there were 162 buys and 36 sells, well down from last edition where there were 243 buys and 49 sells.

Perhaps the most significant director trade made over the past fortnight came from the founder and managing director of business travel management company Corporate Travel Management (ASX: CTD). Jamie Pherous’ sale of 1.5 million shares at $21 a pop fetched him a monster $31.5 million payday. Following the sale, Pherous remains the company’s largest shareholder with 19.24 million shares – approximately 14.1 per cent of the company’s shares on issue.

There was also a large sale from a director at cloud communications provider MNF Group (ASX: MNF). Andy Fung who is a non-executive director at the company sold nearly 2.2 million shares at a trade price of $5.05. The trade was worth nearly $11 million.

Meanwhile, director selling at aviation services company Alliance Aviation Services (ASX: AQZ) has continued following chairman Stephen Padgett’s $844,000 selldown on March 8. Managing director Scott McMillan also sold down his stake on March 15 – disposing of 531,025 shares at a trade price of around $4.16. The sale, which was worth over $2.21 million, leaves McMillan with 3.7 million shares in the company.

On March 12, executive director at Dicker Data (ASX: DDR), Vladimir Mitnovetski sold $2.57 million worth of shares. Mitnovetski disposed of 231,444 shares at a trade price of $11.13 with the proceeds from the sale going towards the settlement of a recently purchased family house which is due at the end of the month.

Aerial imagery technology and location data company Nearmap (ASX: NEA) saw a large sell from non-executive director Peter James on March 15. James sold 382,075 shares at a trade price of $2.12 – a transaction worth $810,000. The company noted that the proceeds from the sale will be used to meet personal taxation obligations.

Funeral company InvoCare (ASX: IVC) also had a large trade from one of its non-executive directors Richard Davis. On March 12, Davis sold a combined 30,000 shares consisting of 20,000 shares at $11.15 each and 10,000 shares at $11.20 per share. The transactions were worth a combined $335,000 and leave Davis with 130,000 shares in the company.

Onto the buys and one of the larger purchases that occurred over the past fortnight came from the chairman of Ampol (ASX: ALD), formerly known as Caltex. Steven Gregg bought 10,000 shares at around $23.61 per share. The $236,155 investment which was made on March 15 brings Gregg’s total holding to 16,000 shares.

Mineral sands company Iluka Resources (ASX: ILU) has seen its share price more than double in the last year and there was more good news for shareholders as non-executive director Lynne Saint topped up her stake on March 18. Saint bought 14,500 shares at around $6.89 which equated to a near $100,000 investment in the company. It comes a few weeks after fellow non-executive director Robert Cole bought $75,000 worth of shares on March 1.

There’s been a similar level of director buying at Alumina (ASX: AWC) which invests in bauxite mining and alumina refining through its joint venture with Alcoa. Non-executive director at Alumina, Deborah O’Toole, bought 10,000 shares in the company on March 15 at a trade price of $1.73, followed by another 10,000 shares the next day at $1.735 – a $34,650 investment. On the same day as O’Toole’s second purchase (March 16), Alumina’s chair William Day bought 15,000 shares at around $1.75. Day’s $26,240 investment takes his total holding to 20,550 indirect shares and 128,220 direct shares.

Australian nickel producer Western Areas (ASX: WSA) has recently seen two directors top up their respective stakes in the company. On March 11, managing director and CEO Daniel Lougher bought 10,000 shares at $2.04 – a $20,400 investment. He was joined on the same day by non-executive director Yasmin Broughton who bought 9,661 at just under $2.04 a pop equating to a $19,699 investment.

Gold and copper miner Aeris Resources (ASX: AIS) had two of its non-executive directors top up their stake on March 11. Colin Moorhead bought 500,000 shares at 11.5 cents, a $57,450 investment and on the same day, fellow non-executive director Alastair Morrison also bought 500,000 shares but at a slightly lower trade price of 11 cents.

There’s also been some director buying at global wine maker and distributor Treasury Wine Estates (ASX: TWE) recently. On March 12, non-executive director Antonia Korsanos purchased 3,750 shares at $11.14 and an exact replica of that transaction on March 15, meaning she about a total of $83,550 shares across two days. It takes Korsanos’ total stake in the company to 12,500 shares.

There was also buying at Southern Cross Media Group (ASX: SXL) with independent director Heith Mackay-Cruise topping up his stake on March 18. He purchased 12,262 shares at a trade price of around $2.03 – a near $25,000 investment. Alan Kohler recently spoke with the company’s CEO, Grant Blackley, the interview is available here.

Another company recently interview by Alan Kohler was chemotherapy drug developer Race Oncology (ASX: RAC) which is available here. The company, which has seen its share price rise tenfold over the past year, recently appointed former CEO of the Royal Australasian College of Surgeons, Mary Harney, as a non-executive director. On March 15, Harney made her first purchase of shares in Race Oncology, buying 8,000 shares at around $3.65 a pop, equating to a $31,567 investment.