ASX All Ordinaries Index (ASX: XAO) stock EML Payments Ltd (ASX: EML) is up 9.09% on Thursday, trading at 66 cents at the time of writing.
The surge follows the company's announcement that chair and independent non-executive director Anthony Hynes has bought more than half a million dollars worth of shares.
Let's look into the details.
ASX All Ords stock soars on director's mega buy-up
EML is a financial technology company that provides payment platforms for businesses.
It's been a rough year for the EML share price. The ASX All Ords stock has plunged 37% over the past six months and 17% in the year to date.
Hynes was appointed to the EML board on 30 June.
He is chairing EML's new growth and operational performance subcommittee, which is tasked with driving a renewed commercial strategy and creating a high-performance operational culture within the business.
Hynes was previously the founder and managing director of the global payments business, eNett International. He sold that business, along with an associated entity, for $940 million in 2020.
Hynes purchased 867,569 EML shares in on-market transactions on Tuesday and Wednesday for a total consideration of $518,278.58. He bought the ASX All Ords stock in two parcels.
Hynes snapped up the first parcel of 500,000 shares for an average price of 59.3 cents per share. He bought the second parcel of 367,569 shares for an average price of 59.5 cents per share.
He made both purchases via an investment trust.
What makes this buy-up more significant is that it has raised Hynes' stake in this ASX All Ords stock by 1,735%.
Previously, he owned just 50,000 shares through his superannuation portfolio.
What else is happening with EML?
The last lot of price-sensitive news from EML came last month.
The company announced the completion of the sale of its European open banking and account-to-account payments business, Sentenial, to payments processing company GoCardless.
This news was well received by EML investors, with the ASX All Ords stock rising 2.82% on the day.
EML said it would use the proceeds to pay off debt. The move would improve the balance sheet from a net debt position of $48 million to a net cash position of $5 million.
