Sale delivers for chairman
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.
Frequently Asked Questions about this Article…
Walter Pisciotta, chairman of carsales.com, sold nearly $1.2 million worth of carsales.com shares at $11.47 a share. Despite the sale, he still retains a $158 million stake in the company.
Following a report that major car makers were removing ads from carsales, the scrip fell about 3% to $10.79 on the day (while the overall market firmed 1.6%). The article notes carsales shares had fallen nearly 7% over the week.
Yes. The article notes that in August managing director Gregory Roebuck sold nearly $8.5 million of carsales.com stock at $11.03 a share.
Former Credit Corp Group managing director Simon Calleia sold nearly 46% of his stake at $9.40 a share. Within two days the shares fell to $8.83, but in a strong overall market they traded as high as $9.48 the following day.
Kevin Seymour, who retired from the Watpac board, sold a near-16% stake in May to Besix Group at 70¢ a share. The shares later traded as low as 49¢ but were fetching 82¢ after bullish outlook comments with the annual result and building contract wins. Watpac also initially overlooked lodging a director's disposal notice when advising Seymour had ceased to be a substantial shareholder.
Yes. Warwick Every-Burns, CEO of Treasury Wine Estates, spent about $114,000 on shares. That purchase added to roughly $245,378 that had recently been outlaid by chairman Paul Rayner and director Lyndsey Cattermole.
The article provides several examples: carsales.com shares fell after an ad-removal report and insider selling (down about 3% on one day and nearly 7% that week); Credit Corp shares dropped after Simon Calleia’s sale then partly recovered; Watpac fell after Kevin Seymour’s disposal but later rose after positive company news. These cases show insider sales can coincide with short-term price moves and broader newsflow.
The international buyer was Besix Group, which bought nearly a 16% stake in Watpac from retired director Kevin Seymour. Seymour sold at 70¢ a share in the transaction reported in the article.
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