S&P/ASX 300 (ASX: XKO) shares are trading higher today, up 0.65% to 7,011.6 points.
Over the past week, two company directors have sold down more than $3 million worth of shares.
Let's find out why.
Chair of ASX 300 healthcare company sells 50,000 shares
According to a change of director's interest notice lodged with the ASX yesterday, the chair of Pro Medicus Limited (ASX: PME), Peter Kempen, has sold 50,000 shares in the ASX 300 healthcare company.
The total consideration was just under $3.1 million.
The on-market sell-down occurred over a number of days between 7 March and 13 March through his wife's superannuation fund. Kempen is the trustee and a member of the fund.
Pro Medicus issued a statement explaining the sale was "part of a rebalancing of the superannuation fund's portfolio interests".
It also said Kempen was not contemplating any further sales of Pro Medicus shares in the foreseeable future.
Kempen now holds 629,082 shares in the ASX 300 company.
The Pro Medicus share price is currently $61.81, up 1.54% today and up 13.7% in the year to date.
Key investor in EML Payments reduces stake by 2%
Alta Fox Capital Management is a long-term key shareholder of EML Payments Ltd (ASX: EML).
Until last week, Alta Fox had a 10.24% stake in the payments provider.
Then came a change in substantial holding notice last Wednesday.
It revealed that Alta Fox Capital sold almost 7.92 million EML shares in three on-market transactions between 6 March and 8 March.
The total consideration was just over $3.48 million.
This reduced its shares in the ASX 300 company from a 10.24% stake to 8.14%.
Such a large transaction warranted a statement on the news from EML Payments.
The EML statement references a letter from Alta Fox explaining the transaction.
It says:
Alta Fox confirms that following advice recently received by it, it has reduced its holding in EML in satisfaction of regulatory look-through provisions pertaining to international subsidiaries wholly owned by EML.
Alta Fox confirms that it has concluded its sales of EML shares, is a long-term investor and has no current intention to sell any additional EML shares.
Alta Fox managing director, Connor Haley, who is a non-executive director of EML, commented:
Alta Fox has a long history as an investor in EML. EML has a collection of great businesses around the world, and we look forward to supporting its continued growth.
The EML share price is currently 45.25 cents, up 1.69% today and down 27.4% in the year to date.
