AFR Article - Myriam Robin April 7 2020

A surge in sales, an extension of debt facilities and a positive trial result sent Polynovo's shares surging 20 per cent to $2.00 at the open on Tuesday, before moderating, slightly.

This is just as well for its chairman, investment banker David Williams

Since the results in late February, few days have gone by without Williams increasing his holdings. He's raised his stake from 16.6 million ordinary shares to 18 million in the space of six weeks.

He's bought shares at prices ranging from $2.47 to $1.40. Meaning he's still, in total terms, down some $366,000 on his recent $3.1 million top-up. But, at this rate, isn't far off breaking even. Which in this market is pretty unusual.

Polynovo's share price took a battering in March, despite it telling investors it wasn't really affected by COVID-19. Some short-lived comfort, perhaps, for the likes of Regal Funds' Phil King, who nominated Polynovo as a short pick at the last Sohn Hearts and Minds conference (back when Polynovo's share price was $1.80).

It closed up 16 per cent at $1.94 on Tuesday.