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A week when directors did a bit of shopping

Skilled Group chief executive Mick McMahon Photo: Jesse MarlowDirectors doing a bit of buying dominated proceedings this week and for investors who like to see multi-director transactions it was an especially good week.
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The scorecard registered $6.7 million for buyers and $2.8 million for sellers.

Mick McMahon, who has been in the chief’s chair at Skilled Group for four years, was responsible for the lion’s share of the sellers’ tally.

Following the former Shell and Coles staffer’s appointment, the scrip enjoyed a terrific run, firming from $1.36 to close enough to $4.

That peak was reached last year and since then the shares have been in a pronounced down trend and are now fetching $1.94.

McMahon in recent days sold about $2.20 a share.

But earlier this year he did some very profitable option exercising and share selling.

In February, he exercised $2 million of options at $1.47 apiece and sold the resulting shares at $3.04 each, collecting a useful $4.2 million.

Elsewhere, there was multi-director buying of Seven Group Holdings shares.

Richard Uechtritz, former JB Hi-Fi mastermind, headed proceedings outlaying close enough to $700,000.

Other buyers from within the Seven boardroom were Ryan Kerry Stokes, Bruce McWilliam and Warwick Smith.

The shares have been falling for most of this year and recently hit $5.75 – the lowest level since 2010.

Other multi-director buying was done by directors of Sims Metal, Orica, Sundance Energy Australia, ALS, NEXTDC, Rubik, WDS, Champion Iron, Whitehaven Coal, Incitec Pivot, Patties Foods and Freelancer.

The Sustained Persistence Award goes to Simon Clausen, a non-executive director of Freelancer, self-styled as the world’s largest freelancing, outsourcing and crowdsourcing marketplace.

Freelancer scrip recently hit a 52¢ low – compared with $2.60 on the first day of listing last year.

Clausen has been a regular buyer this year.

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

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