Sellers dominate the market
MANAGING directors made up the bulk of the selling this week, with their efforts contributing to selling exceeding buying by threefold.
MANAGING directors made up the bulk of the selling this week, with their efforts contributing to selling exceeding buying by threefold.The scorecard for the week registered about $19 million to $6.3 million.Heading the sellers was FlexiGroup chief executive John DeLano, who disposed of a swag of founders options for an undisclosed sum, which will run into the millions.FlexiGroup listed in 2006 following a float at $2 a share.It proved to be a white-knuckle ride for punters, with the shares hitting the low 20s cents, that is in 2008. But those who held their nerve in Andrew Abercrombie's lease and rental financing group have done OK, with the scrip now fetching $3.22.Mr DeLano will step down at the end of the year and he said he intended to retain his remaining stake while he was consulting to FlexiGroup.Elsewhere among stocks that have performed well, the managing director of Data#3, John Grant, peeled off 35 per cent of his stake.The information technology solutions group has provided good returns to shareholders over nearly a decade but earnings in the latest year fell 9 per cent on sales that increased 16 per cent.Mr Grant noted that while earnings were down, they were ahead of the long-term trend over the past five years they have grown at 14 per cent compound a year.Meanwhile, some profitable option exercising and selling was conducted by Karl Simich, the managing director of Sandfire Resources, a copper and goldminer.This has been a terrific success story. In 2009, the shares were fetching less than 5? yesterday they closed at $8.37.Mr Simich joined the board in 2007, was appointed managing director in 2009 and has done nicely indeed. He has just exercised 800,000 options at 60? each, which cost him $480,000. He sold 300,000 shares at $8.80 each, raising $2.6 million. His retained share stake, not including some more options, is worth about $37 million.On the buying side, a couple of Biota directors made a rare appearance, while the Millner family outlaid some petty change when they bought $2.8 million of stock in Washington H. Soul Pattinson and Company.