Director Deeds: Glitter trades, WAAX stripping, and a citrus interest

Laura Daquino recaps recent director transactions on the ASX, where some of the biggest have been lined with glitter and WAAX.

At the eleventh hour of its equity raising, St Barbara cut its guidance on May 31. Of interest, but not particularly interesting, this was a case of bad timing. More interesting were the events that occurred in the lead up to the countdown, which may have been taken as indicators, in the opposite direction of the guidance. Independent non-executive director Kerry Gleeson spent around $50,000 on St Barbara on May 20. One week later, independent non-executive chairman Tim Netscher spent around $60,000. And Stefanie Loader made her first St Barbara purchase around that time too, spending nearly $90,000. While these relatively small transactions may not have been lined with gold, they sparkled on the registry nonetheless, until proving a few days later, not all that glitters is gold. Shortly after Netscher tossed in another $30,000 on May 28, then the clinker, St Barbara cut its guidance just as its equity raising was about to close. A situation still unfolding, between director trades, the equity raise and guidance cuts, it’s a tricky situation for investors to navigate, more complicated by the fact that risks were outlined in the raise anyway.

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