Insider Sells: Directors are selling shares in these 6 ASX companies

Welcome back to the Insider Trades Series – A summary of on-market director transactions valued at more than $10,000 that have taken place between 9 and 19 January 2024.

A number of interesting and sizeable insider sells have taken place in the past week, so we've decided to group them below. You can check out the buys here.

Top ASX Insider Sells

Alkane Resources is a gold exploration and production company, operating the Tomingley Gold Operations in NSW. The company believes the nearby Boda and Kaiser deposits have the potential to become a large, tier-one gold-copper project.

Chairman Ian Gandel sold 8.7 million shares and retains a holding of 110.1 million shares or 18.3% of the shares on issue. The director sale announcement notes that:

• He has been a shareholder and Non-Executive Director of Alkane since 2006 and has made a significant personal investment in Alkane

• "Remains a significant long-term shareholder of the Company and has no present intention to sell any further shares in the short or medium term."

Notwithstanding other factors that may have influenced Alkane, the stock sold off -4.9% on the day of the announcement and another -5.1% over the next three days.

Alkane Resources 12-month price chart (Source: Market Index)

Probiotec is a manufacturer and packer of a range of pharmaceuticals, health products and fast-moving consumer goods. The company recently entered into a binding scheme implementation deed with Indonesian-listed Pyridam. Under the scheme, Probiotec shareholders will receive $3.00 cash per share. The Board may also choose to pay a dividend on or before the implementation, without reducing the cash per share figure.

With that in mind, Chief Executive Wesley Stringer sold a small stake on-market for $2.87-2.88 per share or a 4% discount to the scheme price. The scheme remains subject to hurdles including:

• Approval from the Australian Foreign Investment Review Board

• Approval from Pyridam shareholders

• Approval from Probiotec shareholders and the Federal Court of Australia

Probiotec 3-month price chart (Source: Market Index)

Alligator Energy Chief Executive sold 1.2 million shares last week and retains a holding of 22.1 million shares. Uranium explorers and developers have rallied strongly in the past few months as prices for the commodity soared to US$106 a pound, up 110% year-on-year. Alligator shares up are 29% in the last month and 78% in past year.

Alligator Energy 12-month price chart (Source: Market Index)