ASX Insider Trades: Directors bought and sold these 7 stocks last week

Welcome back to the Insider Trades series – a weekly summary of on-market ASX 200 director transactions valued at more than $10,000. The below trades have all taken place between 6 and 12 November 2025. Directors have up to 5 business days to notify the ASX of their trades.

Top ASX 200 Insider Buys

Interesting takeaways

Dicker Data's COO Vladimir Mitnovetski has been a consistent buyer of company shares, accumulating $2.6 million worth across 33 separate transactions since 2022 at an average price of $9.89. The stock recently reached an 18-month high following a solid 1H25 result on 28 August, with analysts highlighting robust enterprise and mid-market deal activity. The Windows 11 refresh cycle and AI-driven demand are providing clear revenue tailwinds, while the emerging pipeline of AI-related infrastructure and cybersecurity opportunities is expected to prove margin-accretive over time.

Top ASX 200 Insider Sells

Interesting takeaways

The Droneshield selldown needs no introduction. Three insiders, including CEO Oleg Vornik, sold all their shares on-market last Thursday, driving the stock down 31%. As noted in our Weekend Newsletter, the sequence of events was absolutely riveting:

• 3 November: Awarded a $25.3m Latin American contract, pushing trailing twelve-month revenues over $200 million. This is a key KPI relating to ~11.4 million performance options.

• 4 November: CEO Oleg Vornik issued 14.8m shares, Non-Executive Chairman Peter James issued 2.75m shares, and Non-Executive Director Pethro Marks issued 1.46m shares.

• (Note: Between 9 October and 3 November, the stock had already fallen 42%. Post-issuance, shares dipped another 22% between 4-7 November.)

• 10 November: New contract announced for $7.6m, briefly rallying the share price 10.2%, but withdrawn shortly after as it wasn't a new order, just reissued by the customer due to regulatory issues.

• 12 November: Three substantial holder notices released at 7:18pm, 7:20pm and 7:21pm, revealing that all three directors had offloaded all the shares they received a week earlier. The CEO now holds zero shares in the company.

• 13 November: CEO states that directors retain a stake through vested options subject to trailing twelve-month revenue hurdles of $300m, $400m and $500m.

According to the AFR, Vornik and Marks share multiple financial ties beyond DroneShield, including private mortgages linked to two of Vornik's Sydney properties. Marks, an "independent" director who sits on the remuneration committee, has provided personal loans to Vornik. These loans sit alongside Vornik's Commonwealth Bank mortgages, raising governance questions. The timing of these loans suggests Vornik sought additional funding prior to selling his DroneShield stake, including for renovations on a $7.2 million North Bondi home.

Liontown CEO Tony Ottaviano is selling at an intriguing juncture, with most large-cap lithium names (PLS, IGO, MIN) having rallied 60-200% from June lows amid an improving sector outlook. Liontown surged 43% last week to $1.46, its highest level since May 2024, driven by three key catalysts:

1. China's royalty reform increasing lithium royalties from 2-3% to 7% of sales revenue, lifting the domestic cost floor and favouring established spodumene producers.

2. MinRes selling a 30% stake to POSCO for US$765m (~A$1.2bn), valuing its lithium business at ~45% above consensus NAV and sending MinRes shares up 10.8% on the day.

3. Rio Tinto scaling back Jadar by placing its $2.4bn Serbian lithium project on care and maintenance, reinforcing supply discipline and removing significant future supply from the market.

It's notable that Ottaviano is offloading approximately 17% of his holdings at a time when many believe the lithium market has bottomed.