Rubber company Ansell announced this week that its earnings rose between 11 % to 20 %.
But right at the end of the report were the numbers that spooked punters: due to “ongoing uncertainty” earnings a share for the current year were forecast at $US1.05 to $US1.20, compared with $US1.23 for the year just completed.
The market response to this news was short, sharp and nasty: the scrip fell from US$24.75 to as low as US$19.42 in one day.
Enter three of the group’s non-executive directors, chairman Glenn Barnes and Peter Day who stepped up to the plate and paid US$21.73 and US$20.89 respectively for shares. John Bevan waited a day or two longer and paid US$20.63.
Two of them are marginally ahead of the game at this early stage: the shares closed yesterday at US$21.24.
Elsewhere among buyers, Lim Kim Hai, executive chairman of Regional Express, continued buying shares in the regional airline.
Last month the group changed its earnings guidance from a “moderately positive” outcome from tailwinds and headwinds to a “moderately negative” impact.
The scrip fell from US$1.02 to as low as 88¢.
Robert Bryant, until recently the chief at Money3, topped the sellers’ table when he sold about 16 % of his stake.
Mr Bryant suddenly “retired” from the money lender’s board last month.
He is requisitioning a meeting aimed at throwing Wilson HTM staffer Vaughan Webber, Miles Hampton and lawyer Bettina Evert off the board.
Mr Bryant wants shareholders to vote him and Patrick Tapper on to the board.
The battle won’t be easy: he is up against the power behind the throne at Money3, Alexander Waislitz and his Thorney group, which holds about 9 % of the capital.