Kelly gang tops buyers' table in a week favouring sellers
ACTIVITY on the buying side jumped this week, with the increase due to activity in two stocks that also appeared on the selling side.
ACTIVITY on the buying side jumped this week, with the increase due to activity in two stocks that also appeared on the selling side.The Kelly family long associated with Newhaven Hotels, which operates four hotels in New South Wales appeared on top of the buyers' table due to four members of the family buying roughly the amount of stock sold by Frederick Kelly.The family dominates the 130-shareholder register, and six of the seven-member board are Kellys.Elsewhere, Northern Iron director Felix Tschudi appeared as a buyer and seller.A one-time sub-lieutenant in the Royal Norwegian Navy, he owns Tschudi Shipping Company, which is a big shareholder in Northern Iron owner of an iron ore project in Norway.Mr Tschudi took up shares in a rights issue at 45? each, sold shares on the market at about 55.5? apiece, and paid about 21? a share for call options.Leaving aside the Newhaven and Northern Iron transactions, the scorecard registered $3.2 million to $8.3 million in favour of sellers.Meanwhile, there was a footnote this week to a transaction reported here recently.Hills Holdings, the hoist and electronics and communications group, said first-quarter earnings fell 45 per cent.Yesterday, the scrip sold as low as 64.5?, compared with $1.15 on Wednesday.Former Telstra heavyweight Edward Pretty recently took the managing director's reins and, three weeks ago, bought 100,000 shares at $1.15 each.Earlier last month, chairman Jennifer Hill-Ling was buying scrip at $1.20 a share.Elsewhere, Donald Voelte was active, buying shares in Seven West Media, where he was appointed managing director four months ago.Late last month, Mr Voelte was appointed chairman of Nexus Energy and, this week, he bought stock at 13.5? apiece.In July, a clutch of other Nexus directors also bought shares at about 10?.And let's not forget Alexander Downer.Mr Downer joined the Australia Oriental Minerals board this month and has bought 1 million shares at a third of a cent each.
Want access to our latest research and new buy ideas?
Start a free 15 day trial and gain access to our research, recommendations and market-beating model portfolios.Sign up for free