I've been getting all wonky at SEDI this morning, checking out the pattern of sales from insiders at Gammon Gold (GRS) (GAM.to) this year. Fascinating ain't the word :-) Here's a little table put together that shows the transaction code of each trade, the transaction dates, the amount of shares sold, the price fetched and the total gross proceeds of these recent sales.
| code | date | Amount sold | Price | gross proceeeds |
| Scott Perry, CFO | ||||
| 1568591 | 19/01/2010 | 46,100 | 10.97 | 505717 |
| 1568592 | 22/01/2010 | 15,000 | 10.45 | 156750 |
| 1568593 | 25/01/2010 | 34,000 | 10.07 | 342380 |
| 1579402 | 16/02/2010 | 150,000 | 10.67 | 1600500 |
| total | 245,100 | $2,605,347 | ||
| Dana Hatfield, Sr VP Fin | ||||
| 1581416 | 19/02/2010 | 7,500 | 10.7 | 80250 |
| 1581418 | 19/02/2010 | 1,516 | 10.64 | 16130.24 |
| total | 9,016 | $96,380.24 | ||
| | | |||
| Rene Marion, Pres & CEO | ||||
| 1568579 | 22/01/2010 | 2,500 | 10.3 | 25750 |
| 1568579 | 22/01/2010 | 1,900 | 10.3 | 19570 |
| 1568581 | 22/01/2010 | 2,500 | 10.4 | 26000 |
| 1568581 | 22/01/2010 | 1,900 | 10.4 | 19760 |
| 1568582 | 22/01/2010 | 2,300 | 10.41 | 23943 |
| 1568582 | 22/01/2010 | 1,700 | 10.41 | 17697 |
| 1568583 | 22/01/2010 | 4,300 | 10.42 | 44806 |
| 1568583 | 22/01/2010 | 3,700 | 10.42 | 38554 |
| 1568584 | 22/01/2010 | 900 | 10.43 | 9387 |
| 1568584 | 22/01/2010 | 300 | 10.43 | 3129 |
| 1568585 | 22/01/2010 | 4,600 | 10.45 | 48070 |
| 1568585 | 22/01/2010 | 4,000 | 10.45 | 41800 |
| 1568586 | 22/01/2010 | 1,600 | 10.46 | 16736 |
| 1568586 | 22/01/2010 | 1,000 | 10.46 | 10460 |
| 1568587 | 22/01/2010 | 2,400 | 10.48 | 25152 |
| 1568587 | 22/01/2010 | 1,800 | 10.48 | 18864 |
| 1568588 | 22/01/2010 | 2,200 | 10.49 | 23078 |
| 1568589 | 25/01/2010 | 10,000 | 9.97 | 99700 |
| 1568590 | 25/01/2010 | 10,000 | 10 | 100000 |
| 1568590 | 25/01/2010 | 36,500 | 10 | 365000 |
| 1581882 | 22/02/2010 | 15,725 | 10.41 | 163697.25 |
| 1581883 | 22/02/2010 | 1,700 | 10.42 | 17714 |
| 1581885 | 22/02/2010 | 4,900 | 10.43 | 51107 |
| 1581887 | 22/02/2010 | 2,300 | 10.44 | 24012 |
| total | 120,725 | $1,233,986.25 | ||
| Peter Tremayne, Exec VP, COO | ||||
| 1570303 | 28/01/2010 | 5,000 | 9.35 | 46750 |
| 1570304 | 28/01/2010 | 5,000 | 9.44 | 47200 |
| 1570305 | 28/01/2010 | 5,000 | 9.64 | 48200 |
| 1570307 | 29/01/2010 | 5,000 | 9.7 | 48500 |
| 1570308 | 01/02/2010 | 10,000 | 10.15 | 101500 |
| 1570309 | 01/02/2010 | 5,000 | 10.08 | 50400 |
| 1570310 | 02/02/2010 | 5,000 | 10.14 | 50700 |
| 1570312 | 03/02/2010 | 5,000 | 10.06 | 50300 |
| 1582227 | 22/02/2010 | 15,000 | 10.48 | 157200 |
| 1582931 | 23/02/2010 | 10,000 | 10.17 | 101700 |
| 1583570 | 24/02/2010 | 10,000 | 10.2 | 102000 |
| total | 80,000 | $804,450 | ||
Now it should be pointed out that some of these sales (not all by any means) came from options exercising (usually on the same day), so the option base price would have to be subtracted from the gross proceeds to get the true amount of pre-tax profit per trade, but what we're looking at here is the pattern of selling rather than the number of SUVs each insider could afford afterwards.
One of the things to note is how much got sold here. Those are big numbers and from several directors, including the main company players Pres/CEO Marion, CFO Perry and COO Tremayne.
You'll also note that the selling suddenly stops late February. That's because GAM released this NR on Feb 23rd that announced it would report its year end on March 30th, which means the company went into a Quiet Period and directors couldn't sell (sidebar: Mr Tremayne's Feb 24th sale looks odd in that light). Then finally, let's remember that it was the March 30th YE results that announced the pisspoor revenues AND the big downward revisions in reserves and grades held at Gammon Gold.
Ain't it funny how the company insiders were so keen on selling their stock hand over fist in that short window they had before the quiet period when they couldn't do anything? I mean, what a freakin' coincidence, eh?
One of the things to note is how much got sold here. Those are big numbers and from several directors, including the main company players Pres/CEO Marion, CFO Perry and COO Tremayne.
You'll also note that the selling suddenly stops late February. That's because GAM released this NR on Feb 23rd that announced it would report its year end on March 30th, which means the company went into a Quiet Period and directors couldn't sell (sidebar: Mr Tremayne's Feb 24th sale looks odd in that light). Then finally, let's remember that it was the March 30th YE results that announced the pisspoor revenues AND the big downward revisions in reserves and grades held at Gammon Gold.
Ain't it funny how the company insiders were so keen on selling their stock hand over fist in that short window they had before the quiet period when they couldn't do anything? I mean, what a freakin' coincidence, eh?