Which director of an Australian company would pay a premium to purchase shares in his own company? That would be Nicholas Woolf, CFO and VP Corporate Development for Phylogica.
The Change of Directors Interest Notice released 5:29PM on Friday made for an exciting start to the weekend. Woolf disclosed that he acquired 524500 shares at 8 cents, approved by shareholders at the recent AGM. Presumably, he was unable to buy on market around 5c due to the sensitivities of ongoing negotiations.
Woolf has paid a premium in excess of 50% to approximately double his shareholding - outstanding endorsement of the future for Phylogica.
I listened to the Woolf interview with FNN released last Thursday and studied the body language whenever the word Roche was mentioned. Perhaps it was my imagination but I thought I noticed a glint in his eye.
PYC Price at posting:
5.7¢ Sentiment: Buy Disclosure: Held
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