Founders scoop off the cream

DIRECTORS’ trades picked up this week against a background of the earnings reporting season getting into full swing.
Nanjing Night Net

The scorecard registered $18 million to $32 million in favour of sellers.

The selling tally was boosted by various folk who founded or have been associated with the building of successful businesses.

Penelope Maclagan joined Computershare three decades ago, five years after it was started by brother Christopher Morris.

The pair have been taking money off the table quite regularly, the latest sale by Maclagan raising $3.8 million.

She retains a useful $120 million of stock.

Elsewhere, Roger Brown’s interests collected nearly $14 million through the sale of ARB Corporation scrip, a few days after the four-wheel-drive vehicle accessories group reported marginal earnings growth.

Executive chairman Brown – who started the business with pipe-bending equipment in his mother’s driveway – has presided over a rare gem of a company whose scrip has appreciated at 18 per cent-plus compound a year for two decades, with similar earnings growth.

Roger Brown, along with brother Andrew – the group’s managing director – retain $79 million worth of paper.

Webjet, also no slouch in the price appreciation stakes, hit a new $4.22 high recently and non-executive director Steven Scheuer reduced his stake by about 7 per cent. He sold shares at $4.13. They closed the week at $3.91.

Meanwhile, if memory serves correctly, ANZ chief Michael Smith did once buy some bank shares on the market in 2008, paying $22.75 a share. The jolly Englishman, though, has got almost all his shares through incentive measures and he has cashed some in to pay tax and, believe it or not, to repay debt.

Interests associated with concrete king Raymond Barro continued buying Adelaide Brighton shares.

The market was unimpressed with the company’s 7 per cent pre-tax earnings increase for the half-year and the shares fell 11 per cent.

Barro stepped into the market and spent more than $15 million.

The reporter owns ABC and ARP shares.

This story Administrator ready to work first appeared on Nanjing Night Net.