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More directors sell shares

Punters who reckon that directors selling big parcels of shares signals the top of the market have plenty of new reasons to push that point of view. In the past two months, WA Business News has spotted nine prominent examples of company directors raising in excess of $1.5 million by selling down their shareholdings. In most cases, there has been no shortage of buyers, often institutions, willing to pile more money into shares they believe offer plenty of value. The latest examples include Mortgage Choice co-founder and former Perth resident Peter Higgins, who sold 10 million shares – or just over half his total stake – to raise $25.5 million. Precious Metals Australia chairman Roderick Smith has raised a tidy $4.9 million after selling 1.97 million shares, though he retains a 15.8 per cent stake. Ian Middlemas, who left the board of Leyshon Resources earlier this month, raised $4.3 million after selling nearly half his stake. Straits Resources chairman Alvin Toms and PCH Group director Paul Finn have also sold big parcels of shares. Other sellers include Monadelphous chairman John Rubino, who raised $22.8 million after selling half his stake, and the three founders of IBT Education, including Peter Larsen and Rod Jones, who collectively raised $30 million.

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