Northern Star’s Executive Chairman, Bill Beament, has sold 3,141,795 shares, reducing his holdings in the company. Just as we have foreseen, Beament is still selling portions of his Northern Star holdings. He has made three major insider sales last year, selling 2,460,000 shares in Northern Star Resources. Beament is on the roll and is selling portions of his holdings again.
The Change of Director’s Interest Notice released on the first week of June this year informed that the shares sold by Bill Beament were transferred as part of a final Family Court settlement. Beament retains 3 Million Performance Rights and 3,141,793 Northern Star shares. Is there further selling to follow? Is he personally insider selling under the guise of the Family Court?
Investors losing confidence in Northern Star
Beament’s most recent insider share sales make investors doubt and lose their confidence in Northern Star and in his management. Investors continue to hold fear that the long term outlook for Northern Star Resources is only downwards. Their present leadership team lead by Bill Beament will find themselves shown the door.
Bill Beament’s large shareholdings in Northern Star has made him the biggest insider seller in FY2019, including his recent insider sale this June. What is the real reason why he has been selling his shares? Is he deserting his ship? Did he cash out to mask his long term view of Northern Star Resources?
Beament’s recent insider share sale reinforces the unease and anxieties of investors and shareholders, making them question his integrity and reliability. If one of the company’s highest-ranking corporate insiders is selling his holdings, should the investors do the same? Beament could be cashing out due to the imminent downfall of the company. If there is any truth to this, sooner or later the market will decide.
Watch this space for further updates whether Beament will sell more of his current 3,141,793 shareholdings. We think more will follow.