Sale delivers for chairman

Walter Pisciotta, the chairman of, had a bit of luck selling some shares over the past week or so.

Walter Pisciotta, the chairman of, had a bit of luck selling some shares over the past week or so.

He sold nearly $1.2 million of paper, getting $11.47 a share.

On Friday a piece in The Age reported that the big car makers were removing ads from carsales.

Scrip in the online ad selling group didn't fare well that day, falling 3 per cent to $10.79 in an overall market that firmed 1.6 per cent.

The shares have fallen nearly 7 per cent this week.

Mr Pisciotta retains a $158 million stake.

The previous transaction from the carsales boardroom was in August when managing director Gregory Roebuck sold nearly $8.5 million of stock at $11.03 a share.

Elsewhere among sellers, former Credit Corp Group managing director Simon Calleia sold nearly 46 per cent of his stake at $9.40.

Within two days of Mr Calleia's sale, the shares had fallen to $8.83, but yesterday in a strong overall market they sold as high as $9.48.

Weighing in at the top of proceedings was Kevin Seymour who retired from the Watpac board last month. In May, Mr Seymour sold a near-16 per cent stake in Watpac to international construction company Besix Group, but while Watpac then advised that he had ceased to be a substantial shareholder, it overlooked lodging a director's disposal notice.

Mr Seymour sold at 70¢ a share; the shares later sold as low as 49¢, but are now fetching 82¢ following bullish outlook comments accompanying the annual result and building contract wins.

Among buyers, Warwick Every-Burns, chief executive at Treasury Wine Estates, spent about $114,000, adding to the $245,378 recently outlaid by chairman Paul Rayner and director Lyndsey Cattermole.

InvestSMART FORUM: Come and meet the team

We're loading up the van and going on tour from April to June, with events on the NSW central & north coast, the QLD mid-north coast and in Perth, Adelaide, Melbourne, Sydney and Canberra. Come and meet the team and take home simple strategies that you can use to build an investment portfolio to weather any storm. Book your spot here.

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

Related Articles