Harvey Norman directors trade $2 million in shares

By James Wells

SYDNEY: Harvey Norman directors Kay Page, John Slack Smith and John Skippen have sold almost 640,000 shares in the company, valued at over $2 million, over the last two weeks.

The three Harvey Norman employees, have joined directors from other publicly-listed companies to sell large parcels of shares within trading windows following the recent half year reporting season.

According to documents filed with the Australian Stock Exchange, Harvey Norman chief operating officer, John Slack-Smith, sold 100,000 shares valued at $381,470 on 13 March. On 21 and 22 March, Harvey Norman managing director, Kay Page, sold 439,790 shares worth $1.49 million. Page still holds almost 19 million shares which based on today’s share price of $3.94 are worth over $74 million. The most recent Harvey Norman director to trade shares was chief financial officer, John Skippen, who sold 100,000 shares worth $380,000 on 22 March.

JB Hi-Fi CEO, Richard Uechtritz, sold 1,222,096 shares valued at $5,499,432 last month.

In other announcements to the Australian Stock Exchange, K2 Asset Management has increased its shareholding in Narta member, Clive Peeters.

In a transaction made on 23 March, K2 Asset Management purchased an additional 1,692,357 shares to hold 7.52 per cent of the company or 9,544,946 shares based on issued capital of 127 million shares.

Last week Perpetual Limited increased its shareholding in Sunbeam and Victa’s parent company, GUD Holdings, from 12.89 per cent to 14.02 per cent or 8,397,814 shares. Perpetual’s shares in GUD, based on today’s trading price of $7.64 are valued at over $64 million.

Investors Mutual has recently increased its shareholding in Housewares International, the parent company of Breville, Kambrook, Ronson and Goldair, and the distributor of Philips small appliances.

Investors Mutual has increased its shareholding from 5.1 per cent to 6.12 per cent with 7,433,493 shares. With Housewares International trading today at $1.73, the Investors Mutual shares are worth over $12.8 million.

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