Forrest keeps shares humming
With US short-sellers talking their book and trying to send Fortescue Metals Group's scrip lower, Forrest whipped nearly $24 million out of his wallet and paid $4.53 a share.
The share price has closed higher every day since his buying, closing on Friday at $4.94.
Forrest is no stranger to supporting his stock in the market.
Last year he spent about $135 million within a few days at $4.85 share and followed that with buying at $4.02 and $3.71 a share.
The overall scorecard registered $26.5 million to $29.6 million in favour of buyers.
Beyond International made a rare appearance for that quantity of stock when long-time chairman
Ian Ingram increased his stake. Managing director Mikael Borglund sold shares.
Beyond, which produces TV programs including MythBusters, increased pre-tax earnings by about 7 per cent in the year to June 30.
Also prominent again was iSelect. Until last week, five of the six-man board had recently bought shares, and now non-executive director Shaun Bonett made it a full house.
Leslie Webb gets the boardroom prize for the lowest price paid - $1.27. The shares closed on Friday at $1.29.
Elsewhere, the persistence medallion goes to Jane Tongs, a director of Run Corp, a real estate agency and services group.
Tongs has recently paid 28¢, 30¢ and 35¢ a share.
The chief, Robert Farmer, looks to have turned the ship around; the scrip has more than doubled during the past year.
Robert Velletri, chief at engineering group Monadelphous, took $9.5 million off the table.
The one-time market darling has seen its shares shredded by around one-third this year.
Frequently Asked Questions about this Article…
Andrew Forrest stepped in to support Fortescue amid US short-sellers 'talking their book', buying shares at $4.53 each. The article says he pulled nearly $24 million out of his own wallet for that purchase.
According to the article, the Fortescue share price closed higher every day after Forrest's purchase, finishing on Friday at $4.94.
Yes. The article notes Forrest has a history of supporting Fortescue — last year he spent about $135 million buying stock at various prices, including $4.85, $4.02 and $3.71 a share.
The article reports an overall directors' trades scorecard of $26.5 million to $29.6 million in favour of buyers, indicating more buying activity than selling by directors in that period.
Beyond International saw long‑time chairman Ian Ingram increase his stake while managing director Mikael Borglund sold shares. The company, known for TV shows including MythBusters, lifted pre‑tax earnings by about 7% in the year to June 30.
iSelect drew attention because until recently five of its six‑member board had bought shares and non‑executive director Shaun Bonett completed the set. Leslie Webb paid the lowest noted price at $1.27 a share, with the shares closing on Friday at $1.29.
Run Corp director Jane Tongs has been buying repeatedly, paying 28¢, 30¢ and 35¢ a share. The article says Run Corp's chief Robert Farmer appears to have turned the business around and the scrip has more than doubled over the past year.
Robert Velletri, chief at Monadelphous, sold about $9.5 million worth of shares. The article notes the once‑market darling's shares have been hit hard, down by roughly one‑third so far this year.
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