Turnbull back in the market
Lucy Turnbull has again topped up her stake in Prima BioMed, which she claims is one of the country's most innovative bio technology companies.
Turnbull - the chairman of the developer of bio-therapeutic products for cancer, including one for ovarian cancer patients in remission - on Wednesday bought 250,000 shares that followed her acquisition the previous week of 200,000 shares - all of them around the 9¢ mark.
Mrs Turnbull was appointed chairman in 2010 when the scrip was fetching 14¢. In April 2011, the shares hit 42¢ but since those glory days they have more or less been on the slippery slide to current levels; the group is valued by the market at $97 million.
The company is cashed-up with about $28 million in cash or near-cash and is going to shareholders for even more with a share purchase plan and an options issue. Shareholders soon will consider allowing directors to subscribe for up to $2 million of any shortfall from the share purchase plan.
Elsewhere, Wayne Sidwell returned to the market and bought a useful line of shares in his listed printing business, Wellcom Group.
Sidwell, the executive chairman, late in February bought 100,000 shares at $2.62 apiece, following the unveiling of a 32 per cent earnings decline.
He ha's just had another bite at the cherry, this time paying $2.40 a share or some 12 times forecast current year earnings.
On the selling side, a couple of Henderson Group executive directors sold shares following the exercise of freebie options. Chief executive Andrew Formica and numbers woman who will retire next year Shirley Garrood said they had sold purely to fund British tax and national insurance costs.
There was multi-director buying in Malabar Coal, Sundance Energy and TechNiche. Robin Parish again bought shares in Troy Resources.