Xceed Biotechnology Ltd non-executive chairman Patrick O’Connor is continuing to buy up the company, bringing the value of his stake to more than $2 million.
Xceed Biotechnology Ltd non-executive chairman Patrick O’Connor is continuing to buy up the company, bringing the value of his stake to more than $2 million.
Mr O’Connor increased his indirect interest in the company by 217,512 shares for a consideration of $48,072, with his interest in the company over 9.2 million shares.
Xceed Biotechnology currently has 85.2 million shares on issue and a market capitalisation of $18.7 million.
Mr O’Connor is a director of Adelphi Energy Ltd and also chairman of Perilya Ltd and Acuron Ltd, and a director of the Water Corporation of WA.
Mr O’Connor was founder and managing director of Macraes Mining Co Ltd for most of the 1990s before getting heavily involved in the life sciences through Boron Molecular Pty Ltd, which was spun-out of CSIRO and bought two years ago by Xceed Biotechnology.
He has stepped down from the board of OceanaGold, a spin-off from GRD Ltd, originally Macraes.
Last month, WA Business News reported Mr O’Connor was planning to launch a public investment company, SG Growth Equities Ltd, which is aiming at the volatile small companies sector.
The company will be managed by Mr O’Connor’s St George Capital Pty Ltd and plans to raise $50 million for the venture.
In other directors’ interests news, Subiaco-based investment property manager Wentworth Mutual Ltd director Kingsley Lamont has increased his stake in the company to $2.3 million following the purchase of two million fully paid shares through on-market trade.
The purchase brings his interest in the company to 84.8 million shares.
Mr Lamont was a former director of Australian Stock Exchange-listed OAMPS Ltd, where he was involved with acquisitions growth.
Chairman and non-executive director Colin Cowden has increased his interest in the company by 500,000 shares bringing his stake to $733,320. Mr Cowden was appointed to the role in November last year following the resignation of Peter Brigdale as a director.
Wentworth Mutual currently has 2.7 billion shares on issue and a market capitalisation of over $72.9 million.
Last month, the board of Wentworth confirmed it was on track to achieve its projected earnings before interest tax depreciation and amortisation of $800,000 for the 2005-2006 financial year and has predicted EBITDA of $6.6 million for 2006-2007.
