ICar trades head up the action

Directors' trades fell back this week with the scorecard registering about $1 million to $10 million in favour of sellers.

Directors' trades fell back this week with the scorecard registering about $1 million to $10 million in favour of sellers.

Helping proceedings along were interests associated with Lucas Elliott and Patrick Grove, directors of iCar Asia, a Malaysian-headquartered car classifieds website operator.

ICar's scrip has more than doubled in the past few months, it has quadrupled this year and is now sitting on an $89 million market valuation.

A far bit of anticipation is built into the price as this is a show that lost $2.8 million on sales of about $550,000 in the June half.

Fund manager Acorn Capital must like the story: it has popped up as substantial shareholder with more than 9 per cent of the capital.

Two directors of Beadell Resources, whose main asset is a gold project in Brazil, sold scrip and provided explanations for the sales.

Robert Watkins sold to pay house building costs and Michael Donaldson sold to finance book production costs.

Elsewhere among sellers, Andrew Bellamy, the chief executive at ship builder Austal, said he sold to meet personal obligations.

Among buyers, Lyndsey Cattermole, a non-executive director of Treasury Wine Estates, increased her stake by 54 per cent, while chairman Paul Rayner spent $45,600.

Treasury scrip has fallen up to 26 per cent since mid-July with the market not taking kindly to stock problems in the United States and pre-tax earnings that fell from $141 million to $44 million in the year to June 30.

Jane Tongs, a non-executive director of real estate agency group RUN Corp continued picking up stock and was joined as a buyer by a RUN co-founder Nathan Cher.

Eddie Tie, who runs vitamin group Vita Life Sciences, sold shares at $1.40 each; less than two years ago they were fetching less than 30¢.

Related Articles