Novonix board’s heavy losses as they take rough with the smooth
Novonix directors have looked like geniuses when their company’s shares rocketed to highs of $3.60 earlier this year, a massive increase on the 31 cents they traded for only in May last year.
Trevor and Judith St Baker. His shares in Novonix have been drastically devalued. (Photo: University of Queensland)
But the directors along with institutions are hurting now after taking part in the company’s recent placement, proving the decision to halt the share purchase plan for retail investors was a good one.
The directors bought $16.45 million in the company’s stock and have suffered a collective loss of $4.77 million based on the closing price yesterday.
None more so than rich lister and energy entrepreneur Trevor St Baker who bought 4.1 million shares in the placement at $2.90.
That cost him a fraction under $12 million. It’s now worth $8.5 million. His personal stake in the company is now 64 million shares, which is still worth $131 million, but that’s $85 million down on where it was earlier this year.
Former US Navy admiral and fellow director Robert Natter has also felt some pain. He signed up for 431,000 shares in the placement and is down $360,000 on that deal.
Greg Baynton bought 300,000 and is down $252,000.
However, Novonix shares have been volatile and each announcement from the company has been met by dramatic surges in the share price followed by a slow decline.
Its placement earlier this year to institutions raised $115 million.
Novonix, which produces materials used in electric vehicle batteries, is now pursuing a listing on the US Nasdaq index.
