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Thy sin’s not accidental

Gammon Gold (GAM.to) (GRS) Insider Sales

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?

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