Disposal time as $181 million changes hands at season's end
The end of the company results season saw a big increase in director selling, with $181 million of sales stacking up against less than $4 million of buying.
Heading the disposals was Richard Graham, the executive chairman and co-founder of Infomedia, which offers an automotive parts catalogue to customers around the world.
Graham sold 99 per cent of his 34 per cent ownership stake in the company to a range of institutions.
"My reasons for selling my shares are personal and in no way reflect my belief in the fortunes of the company in which I have the greatest confidence," he said. He will remain on the board as non-executive chairman.
Infomedia's pre-tax results have been patchy: $13.4 million in 2011, $11.2 million in 2010 and $12.1 million for the latest June year.
Tax-paid earnings are tipped by the group to improve by 10 per cent to 19 per cent in the current year.
Perpetual looks to have bought, taking about 17 million shares.
Michael Malone cashed in $28.5 million of chips in iiNet, an internet service provider he founded in the garage of his parents' home two decades ago.
Director Simon Hackett, who sold Internode to iiNet, sold half his stake and banked $34.4 million. "If I felt like iiNet's share price was going down from here ... I would've sold the whole lot," he said.
Elsewhere, a clutch of people exercised paper and sold shares; Sonic Healthcare, JB Hi-Fi, carsales.com, Telstra and Amcor were the companies concerned.
Among buyers, Boart Longyear directors bought following severe discounting of the drilling services group's shares after news of a loss of either $31 million or $367 million, depending on whatever measure takes your fancy.