Printer cashes $13m of paper
With the sales his stake in the printing group decreased to 47.5 per cent and in recent days two fund managers increased their holdings.
Milford Asset Management of New Zealand surfaced with nearly 8 per cent of the capital and Colonial First State Asset Management bought nearly 2 million shares on Wednesday, taking its stake to about 5 per cent.
Wellcom's pre-tax earnings fell 22 per cent in the June year and the stockmarket is valuing the company at 13 times earnings.
A few weeks ago chairman Sidwell told shareholders the group had experienced flat economic conditions for the past three years and that the economic situation remained unchanged in the group's global markets.
Sidwell was unavailable on Friday to comment on his selling.
Elsewhere, various directors of PPK Group, including one Glenn Molloy, look to have relieved Warakirri Asset Management of shares at 60¢.
The scrip closed yesterday at 72¢. Nice.
Former Industrea chief Robin Levison was recently appointed executive chairman of PPK and the group now focuses on mining services.
Elsewhere, Peter Yates bought more MOKO Social Media at a hefty discount to prevailing market prices.
Leigh Clapham and Steven Vamos, non-executive directors of David Jones, opened their accounts, buying shares at about $2.68.
On Friday DJs reported marginally lower like-for-like first-quarter sales and forecast continued challenging trading conditions throughout the 2014 financial year.
The scrip closed 18¢ up at $2.90.
Elsewhere on the retail front, Frank Jones topped up his holding in Premier Investments.
Frequently Asked Questions about this Article…
Wayne Sidwell sold $13 million worth of Wellcom Group stock, which reduced his stake to 47.5%. The article does not specify his reasons for selling, and Sidwell was unavailable for comment.
Wayne Sidwell is the man behind Wellcom Group. Recently, he made headlines by selling $13 million worth of stock, reducing his stake in the printing group to 47.5%.
Wellcom Group's pre-tax earnings fell by 22% in the June year. The company has been experiencing flat economic conditions for the past three years, with no change in its global markets.
Following Wayne Sidwell's sale of shares, Milford Asset Management from New Zealand increased its holding to nearly 8% of Wellcom Group's capital, while Colonial First State Asset Management acquired nearly 2 million shares, raising its stake to about 5%.
The stock market is currently valuing Wellcom Group at 13 times its earnings.
The stock market is currently valuing Wellcom Group at 13 times its earnings, despite a 22% drop in pre-tax earnings in the June year.
Milford Asset Management from New Zealand now holds nearly 8% of Wellcom Group's capital, and Colonial First State Asset Management increased its stake to about 5% by purchasing nearly 2 million shares.
Wellcom Group has been facing flat economic conditions for the past three years, with no significant changes in its global markets, as stated by Chairman Wayne Sidwell.
Robin Levison, the former chief of Industrea, was recently appointed as the executive chairman of PPK Group, which now focuses on mining services.
PPK Group has seen various directors, including Glenn Molloy, acquiring shares from Warakirri Asset Management at 60¢. Additionally, Robin Levison, former Industrea chief, was appointed as executive chairman, with the group now focusing on mining services.
PPK Group's stock closed at 72 cents, up from the 60 cents at which shares were relieved from Warakirri Asset Management.
Peter Yates recently purchased more shares of MOKO Social Media at a significant discount compared to prevailing market prices.
Peter Yates purchased more shares of MOKO Social Media at a significant discount compared to prevailing market prices.
Leigh Clapham and Steven Vamos, non-executive directors of David Jones, recently bought shares at approximately $2.68. Despite marginally lower first-quarter sales, the scrip closed 18¢ up at $2.90.
David Jones reported marginally lower like-for-like first-quarter sales and forecasted continued challenging trading conditions throughout the 2014 financial year. Despite this, their stock closed 18 cents up at $2.90.
Premier Investments has seen Frank Jones increase his holdings, indicating continued confidence in the company's prospects.
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