10/12/2008 - 22:00

Chairman’s share dealings lead the pack

10/12/2008 - 22:00

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AT a time when most directors are shoring up their interest in their own companies, Western Areas chairman Terrence Streeter has sold nearly $2 million worth of shares for the December month so far.

AT a time when most directors are shoring up their interest in their own companies, Western Areas chairman Terrence Streeter has sold nearly $2 million worth of shares for the December month so far.

Over a four-day period, Mr Streeter, through his company Jungle Creek Gold Mines, sold 611,068 Western Areas shares at an average price of $3.05 per share.

The share sell-down is not out of character for Mr Streeter, who was a big seller of the nickel company's shares last month.

In two separate notices to the stock exchange during November, Mr Streeter sold a total of $1.6 million worth of Western Areas shares from the Jungle Creek account.

The two notices showed that each share sell down was split over a four-day period.

The sell-down is in contrast to Mr Streeter's buying spree in August, when he bought nearly $7 million worth of shares, with each share at an average $7.52.

Mr Streeter was unavailable for comment when contacted by WA Business News.

It has not been a good December start for Western Areas' share price, which slipped 20 cents or 7 per cent to close at $2.87 in the first week, despite no news from the company.

In November, Western Areas' share price fell from $4.39 to $3.50.

Mr Streeter is currently embroiled in a legal battle with unrelated company Western Areas Exploration, which is seeking a portion of profits made by Mr Streeter and an associate over a nickel deposit that underpinned Western Areas listing.

BARGAINS GALORE

North Australian Diamonds executive chairman Joe Gutnick is steadily building up his interest, investing $740,286 on shares in December.

The mining entrepreneur paid just under 1 cent for each North Australian share, and at the end of his last transaction, where he bought over 78.2 million shares, he held close to 223 million shares in the stock. The company has 1.23 billion shares on issue.

Meanwhile, Lycopodium chairman Michael Caratti has spent $320,525 to buy 159,475 shares in his company at $2.01 each. The stock has more than halved from a September high of $4.75.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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