On Wednesday we noted, as part of a quick insider trading overview, solid insider selling at Guyana Gold (GUY.to), with company head Patrick Sheridan having sold 61,000 shares recently:
Guyana Goldfields Inc. (GUY) | As of May 4th, 2010 | ||||||
| Filing Date | Transaction Date | Insider Name | Ownership Type | Securities | Nature of transaction | # or value acquired or disposed of | Unit Price |
| May 04/10 | Apr 26/10 | Sheridan, Patrick John | Direct Ownership | Common Shares | 10 - Disposition in the public market | -2,100 | $6.650 |
| May 04/10 | Apr 26/10 | Sheridan, Patrick John | Direct Ownership | Common Shares | 10 - Disposition in the public market | -5,000 | $6.750 |
| May 03/10 | Apr 28/10 | Sheridan, Patrick John | Direct Ownership | Common Shares | 10 - Disposition in the public market | -13,900 | $6.650 |
| Apr 30/10 | Apr 27/10 | Sheridan, Patrick John | Direct Ownership | Common Shares | 10 - Disposition in the public market | -5,000 | $6.700 |
| Apr 29/10 | Apr 26/10 | Sheridan, Patrick John | Direct Ownership | Common Shares | 10 - Disposition in the public market | -5,000 | $6.750 |
| Apr 28/10 | Apr 23/10 | Sheridan, Patrick John | Direct Ownership | Common Shares |  10 - Disposition in the public market | -30,000 | $6.800 |
So on checking the filings this morning, we note that the selling has not abated. Sheridan has sold another 43,000 shares of GUY:
Guyana Goldfields Inc. (GUY) | As of May 6th, 2010 | ||||||
| Filing Date | Transaction Date | Insider Name | Ownership Type | Securities | Nature of transaction | # or value acquired or disposed of | Unit Price |
| May 06/10 | May 03/10 | Sheridan, Patrick John | Direct Ownership | Common Shares | 10 - Disposition in the public market | -3,500 | $7.010 |
| May 06/10 | May 03/10 | Sheridan, Patrick John | Direct Ownership | Common Shares | 10 - Disposition in the public market | -10,000 | $7.000 |
| May 06/10 | Apr 30/10 | Sheridan, Patrick John | Direct Ownership | Common Shares | 10 - Disposition in the public market | -5,000 | $6.850 |
| May 06/10 | Apr 30/10 | Sheridan, Patrick John | Direct Ownership | Common Shares | 10 - Disposition in the public market | -5,000 | $6.800 |
| May 06/10 | Apr 30/10 | Sheridan, Patrick John | Direct Ownership | Common Shares | 10 - Disposition in the public market | -5,000 | $6.780 |
| May 06/10 | Apr 30/10 | Sheridan, Patrick John | Direct Ownership | Common Shares | 10 - Disposition in the public market | -5,000 | $6.750 |
| May 06/10 | Apr 30/10 | Sheridan, Patrick John | Direct Ownership | Common Shares | 10 - Disposition in the public market | -10,000 | $6.700 |
So what to make of this? Selling 104,000 shares like this (with perhaps more to come) in what vlooks like an average of $6.8 or so brings his back pocket gross proceeds of a little over $700,000, which is not a kings ransom of course but it is a tidy sum that makes a difference to an individual's life. But when all this sellling comes in that drip-drip-drip way and also comes straight after company press releases that talk of exploration successes and exciting new discoveries in not one but two of the company's projects, this kind of selling doesn't do anything to underline the strong prospects offered by that newsflow. Quite the opposite, in fact.
Disclosure: no position in GUY.to (and none planned).
Disclosure: no position in GUY.to (and none planned).