Directors keep selling shares

Directors doing some selling continued to dominate proceedings, with the scorecard registering $5.6 million to $103 million in favour of sellers.

Directors doing some selling continued to dominate proceedings, with the scorecard registering $5.6 million to $103 million in favour of sellers.

Heading the cash raisers was Peter Larsen, one of the co-founders of education group Navitas.

"He's diversifying his portfolio and that was really why he was selling because he has held those shares for quite some time and still does hold many shares," a company spokesman said.

Larsen, a former teacher, retains about 6 per cent of the capital, valued at $139 million.

Elsewhere, the man who topped the sellers' table last week topped the latest buyers' list.

Richard Graham, the outgoing executive chairman of automotive parts catalogue producer Infomedia, last week sold about $57 million worth of stock.

He has since surfaced as a buyer, spending more than $800,000.

Graham's stake was previously held by a vehicle that was not tax effective and his buying is now registered in his name. He also wanted to diversify his wealth.

For a company with a patchy pre-tax earnings' record, the shares have held up well considering how much stock has been on offer.

Non-executive director Myer Herszberg also sold his largish stake and he, like Graham, plans to retire within a year.

Graham bought 5 per cent of Herszberg's stake.

Elsewhere, there was again multi-director buying in Boart Longyear, the drilling concern.

Last month the scrip was fetching 62ยข and news of a hefty loss saw them down to 42 cents. They closed yesterday at 52 cents.

In recent days, seven of the eight-member board have bought shares.

Among sellers Sonic Healthcare directors Colin Goldschmidt and Christopher Wilks were again sellers. It followed the recent exercise of options.

Zygmunt Switkowski took a useful swing at Suncorp scrip and increased his stake by about 15 per cent, while Mike Clasper showed up as buyer of Guinness Peat Group.

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