Sale delivers for chairman

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

Walter Pisciotta, the chairman of carsales.com, 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.