THE buying and selling of securities by directors appears to have softened as the year draws to an end, but not without some last-minute grabs.
THE buying and selling of securities by directors appears to have softened as the year draws to an end, but not without some last-minute grabs.
The silly season may be upon us but that mentality was set aside for gold explorer Mount Magnet South, which this month launched a $450,000 raising through a convertible notes issue.
Spearheading the convertible note campaign is non-executive director Fred McMurray, who applied for nearly half of the notes issued.
Mr McMurray, who was appointed to the company's board in August last year, has been issued with 4 million convertible notes at a total cost of $200,000, with each note holding a conversion price of five cents.
Shares in Mount Magnet, which floated on the local market in May last year, last traded at 4.5 cents at the time WA Business News went to press.
Under the issue, up to 9 million notes will be issued to sophisticated investors at a minimum investment of $25,000.
Each note has a term of two years with a coupon rate of 8 per cent per annum.
Mount Magnet chairman Geoff Newman signed up for the minimum investment requirement with 500,000 notes issued.
Mr Newman currently holds a small slice of Mount Magnet, excluding the convertible notes, owning 333,334 shares valued at $15,000, compared with Mr McMurray's value of $354,368.
Since listing, the company's share price reached a high of 42.3 cents in early November 2007, before slipping to around five cents at the end of last month.
Overall the company has 59 million shares on issue and a market capitalisation of $2.65 million.
FFI HOLDINGS
On the subject of raising capital, the chairman and a director of food manufacturer FFI Holdings have bought several parcels of shares through the company's share purchase plan.
Chairman Rodney Nicholson bought 6,000 shares at a cost of $15,000, bringing his total value of shares in FFI to $2.2 million, while director Rodney Moonen purchased $30,000 worth of shares.
His shareholding value in the company has been boosted to $4.8 million.
Each share was priced at $2.50, with shares in FFI last trading at $2.70 at time of publication.
WESTERN AREAS
Chairman Terrence Streeter has continued to sell down his stake in Western Areas on the market.
In company's most recent announcements to the stock market, Mr Streeter disposed of 218,517 shares to pocket $645,089. Each share was sold at average price of $2.95.
Last week, WA Business News reported that Mr Streeter sold $1.86 million worth of shares at an average price of $3.05.
It is not known what has prompted the sell down but since the start of last month Mr Streeter has sold about $4.1 million of Western Areas shares, nearly reversing his buying spree of $7 million worth of stock in August.
Mr Streeter currently holds 30.94 million Western Areas shares at a value of $104.3 million at the last traded price of $3.37.
n Last week, WA Business News published that Reed Resources chairman David Reed had sold 700,000 shares. However, it was not mentioned that 700,000 Reed shares were then acquired by Mr Reed through his superannuation fund.
