InvestSMART

Fox's truckload of Premier cash

Lindsay Fox dominated proceedings on the directors' trades front, cutting his stake in Premier Investments by 54 per cent and raising more than $23 million.

Lindsay Fox dominated proceedings on the directors' trades front, cutting his stake in Premier Investments by 54 per cent and raising more than $23 million.

Fox retains about 1.7 per cent of Premier, which plugs away with a collection of retail brands, including Just Jeans and Portmans, and a pile of cash - $313 million at July 27.

Premier scrip has been a volatile conveyance over the past six years and remains below what it was in 2007 when Fox topped up his stake at $8 a share.

Buying scrip on the day Fox sold was Airlie Funds Management, which now owns 5.4 per cent of Premier.

Overall, the scorecard registered $6 million to $43 million in favour of sellers.

Graeme Wood, executive director and co-founder of Wotif and a Greens supporter, was also a quantity seller. While the stockmarket is up 16 per cent or so this year, Wotif scrip is down some 29 per cent.

Wood collected $4.45 a share, which compared with the $5.07 a share he got last year when he raised $10 million. He now holds around 20 per cent of the capital.

Another recent seller was Paradice Investment Management, which ceased to be a substantial shareholder.

There was multidirector selling in Domino's Pizza and the stock hit a $16.28 high on Friday.

Oil producer Maverick Drilling & Exploration had a super day on Friday with the scrip improving nearly 15 per cent to 55¢.

Non-executive director Lee Clarke's interests spent $1.2 million on the stock at 49¢ apiece on Cup day. His interests, including Clarke Kent Super, hold about $11 million of stock.

Elsewhere, Paula Dwyer put $67,000 of ANZ bank scrip into the Happell Super Fund.

Join the Conversation...

There are comments posted so far.

If you'd like to join this conversation, please login or sign up here

Related Articles