Insider Trades: Directors are buying shares in these 21 ASX companies
Notable purchases from small caps including Ashley Services, Bowen Coking Coal and Macro Metals.
Source: Shutterstock
Mentioned
KEY POINTS
- Ashley Services Managing Director Ross Shrimpton is buying as the stock slumps to five year lows
- Bowen Coking Coal's Executive Chairman Nick Jones is also buying the dip. The stock is down almost 80% in the past twelve months
- Brett Gallagher of Service Stream sells into recent share price strength
Welcome back to the Insider Trades Series – A weekly summary of on-market ASX director transactions valued at more than $10,000. The trades have all taken place between 13 and 21 March 2024. Directors have up to 5 business days to notify the ASX of their trades.
This week, our focus shifts to small-to-mid cap companies, reflecting the significant uptick in trades from the smaller end of town.
Top ASX Director Buys
Code | Company | Date | Director | Type | Price | Value |
|---|---|---|---|---|---|---|
Ashley Services | 13/03/24 | Buy | $0.21 | $841,100 | ||
Bowen Coking Coal | 18/03/24 | Buy | $0.05 | $100,000 | ||
Love Group Global | 21/03/24 | Buy | $0.13 | $40,928 | ||
Love Group Global | 15/03/24 | Buy | $0.13 | $10,000 |
Ashley Services provides a variety of workforce management services including labour hire, recruitment and training services. The stock is down more than 60% in the past twelve months, largely attributed to the lack of earnings growth and disappointing acquisitions. In late 2022, the company acquired Linc Personnel, an oil and gas industry focused labour hire firm, for $3.6 million. The company's latest half-year FY24 result (27 Feb) revealed it had written off $2.5 million worth of acquired customer relationships as well as $1.6 million in goodwill. Managing Director Ross Shrimpton bought $841,000 worth of shares around recent lows, marking the first insider buy in almost four years.
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Ashley Services 12-month price chart (Source: Market Index)
Bowen Coking Coal operates a number of coking coal projects in Queensland, including the Burton Complex, Bluff Mine, Isaac River Project and Hillalong Project. The stock has been in a downward spiral since September 2022, down more than 90% from record levels of 40 cents to now 4.7 cents. Investors have been batter by a string of production downgrades and capital raisings, including:
October 2022: $85 million capital raising (20% discount)
June 2023: $40 million placement (27.7% discount)
Between March 2022 and February 2023: Former Non-Executive Director Matthew Latimore also sold almost $40 million worth of shares.
September 2023: Bluff Mine transitions into care and maintenance due to subdued coal prices, operational challenges and rising costs
November 2023: $50 million equity raising (18.2% discount)
Executive Chairman Nick Jones has started to nibble in recent months but with little success. His $99,600 parcel purchased on 5 October 2023 is worth just $38,800 at today's prices.
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Bowen Coking Coal 12-month price chart (Source: Market Index)
Top Non-Executive Director Buys
Code | Company | Date | Director | Type | Price | Value |
|---|---|---|---|---|---|---|
Macro Metals | 18/03/24 | Buy | $0.01 | $287,493 | ||
Terracom | 14/03/24 | Buy | $0.24 | $89,511 | ||
Alma Metals | 19/03/24 | Buy | $0.01 | $64,325 | ||
Macro Metals | 21/03/24 | Buy | $0.01 | $50,000 | ||
Michael Hill International | 19/03/24 | Buy | $0.69 | $48,597 | ||
Macro Metals | 20/03/24 | Buy | $0.01 | $44,265 | ||
Earths Energy Ltd | 20/03/24 | Buy | $0.02 | $44,000 | ||
Macro Metals | 19/03/24 | Buy | $0.01 | $35,029 | ||
Livehire | 18/03/24 | Buy | $0.03 | $31,944 | ||
Urbanise.com | 13/03/24 | Buy | $0.36 | $29,687 | ||
Xreality Group | 15/03/24 | Buy | $0.03 | $28,005 | ||
Boom Logistics | 15/03/24 | Buy | $0.13 | $26,000 | ||
Southern Hemisphere Mining | 13/03/24 | Buy | $0.04 | $25,185 | ||
Arafura Rare Earths | 18/03/24 | Buy | $0.21 | $21,000 | ||
Southern Hemisphere Mining | 13/03/24 | Buy | $0.04 | $21,000 | ||
Baby Bunting Group | 18/03/24 | Buy | $1.83 | $18,300 | ||
Earths Energy Ltd | 18/03/24 | Buy | $0.02 | $17,000 | ||
IMDEX | 19/03/24 | Buy | $1.45 | $14,500 | ||
Fiducian Group | 18/03/24 | Buy | $6.65 | $13,289 | ||
EBR Systems | 15/03/24 | Buy | $0.75 | $13,059 | ||
PVW Resources | 20/03/24 | Buy | $0.03 | $12,500 | ||
Iltani Resources | 15/03/24 | Buy | $0.16 | $11,200 |
Top Insider Sells
Code | Company | Date | Director | Type | Price | Value |
|---|---|---|---|---|---|---|
Service Stream | 18/03/24 | Sell | $1.25 | $2,005,798 | ||
Latitude Group | 14/03/24 | Sell | $1.15 | $1,670,950 | ||
Supply Network | 15/03/24 | Sell | $17.83 | $176,877 | ||
Supply Network | 18/03/24 | Sell | $18.05 | $71,543 | ||
Smart Parking | 13/03/24 | Sell | $0.47 | $15,078 |
Service Stream specialises in the entire lifecycle (design, construction and maintenance) of essential infrastructure across Australia, with a focus on utilities, telcos and transport sectors. In the lead up to February reporting season, the stock had traded around the 90 cent level for around 8 months. The stock experienced a significant breakout following the release of its half-year FY23 results, which topped analyst expectations across revenue, earnings and dividends. Management said about half a dozen of its legacy projects were under renegotiation for better terms, expected to improve margins. In addition to exploring growth in sectors like power, industrial, new energy and defense. The stock experienced an extraordinary re-rate, up 30% over 11 sessions. Non-Executive Chairman Brett Gallagher sold $2.0 million worth of shares into recent strength. He beneficially owns 2.39 million shares.
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Service Stream 12-month price chart (Source: Market Index)
Latitude pre-announced Chief Executive Robert Belan's plans to sell up to 1.5 million shares on 26 February 2024. The proceeds were used to fund personal tax liabilities, largely resulting from the sale of Symple Loans to Latitude, in which Mr Belan held a significant stake.
