Buy Or Sell Opportunity • Mar 20
Now 21% overvalued Over the last 90 days, the stock has fallen 71% to AU$1.28. The fair value is estimated to be AU$1.06, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 17% over the last 3 years. Meanwhile, the company became loss making. New Risk • Mar 05
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 23% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (23% average weekly change). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risks Revenue is less than US$5m (AU$1.9m revenue, or US$1.3m). Market cap is less than US$100m (AU$40.2m market cap, or US$28.3m). New Risk • Mar 05
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. The company is paying a dividend despite having no free cash flows. Dividend yield: 5.8% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risks Revenue is less than US$5m (AU$1.9m revenue, or US$1.4m). Market cap is less than US$100m (AU$130.8m market cap, or US$92.6m). Declared Dividend • Mar 02
Final dividend increased to AU$241 Dividend of AU$241 is 603,475% higher than last year. Ex-date: 5th March 2026 Payment date: 20th March 2026 Dividend yield will be 5,451%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is not covered by earnings (231% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 157% to bring the payout ratio under control. However, EPS has declined by 23% over the last 5 years so the company would need to reverse this trend. Announcement • Oct 18
Excelsior Capital Limited, Annual General Meeting, Nov 18, 2025 Excelsior Capital Limited, Annual General Meeting, Nov 18, 2025. Location: the bennelong room, dexus place, level 15, farrer place, nsw, sydney Australia Announcement • Oct 01
Excelsior Capital Limited Receives a Notice from Baauer Pty Ltd On October 1, 2025, Excelsior Capital Limited announced that it has received notices pursuant to Section 203D and Section 249D of the Corporations Act 2001) issued by two Requisitioning shareholders Baauer Pty Ltd and Saccharian Pty Ltd to call and arrange to hold a general meeting of shareholders to consider and vote on the following resolutions: (1) to voluntarily wind up and appoint liquidators to the Company; (2) to remove both Ryan Mount and Danny Herceg as existing directors of the Company; (3) to appoint both Luke Cummings and David Prescott as directors to the Company as at the close of that meeting; and (4) to remove any person appointed as a director of the Company between September 17, 2025 and the end of the meeting other than Luke Cummings or David Prescott. New Risk • Sep 04
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: AU$5.9m (US$3.8m) This is considered a minor risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 231% Paying a dividend despite having no free cash flows. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (17% net profit margin). Revenue is less than US$5m (AU$5.9m revenue, or US$3.8m). Market cap is less than US$100m (AU$91.6m market cap, or US$59.7m). Declared Dividend • Sep 01
Final dividend of AU$0.04 announced Shareholders will receive a dividend of AU$0.04. Ex-date: 4th September 2025 Payment date: 19th September 2025 Dividend yield will be 2.5%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is not covered by earnings (dividend approximately 114x earnings) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 2.9% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 12,598% to bring the payout ratio under control. However, EPS has declined by 23% over the last 5 years so the company would need to reverse this trend. New Risk • Aug 31
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 8.5% Last year net profit margin: 88% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Dividend per share is over 114x earnings per share. Paying a dividend despite having no free cash flows. Minor Risks Profit margins are more than 30% lower than last year (8.5% net profit margin). Market cap is less than US$100m (AU$92.8m market cap, or US$60.7m). Announcement • Aug 29
Excelsior Capital Limited Announces Fully Franked Ordinary Dividend for the Six Months Ended June 30, 2025, Payable on September 19 , 2025 Excelsior Capital Limited announced fully franked ordinary dividend of AUD 0.04000000 per share for the six months ended June 30, 2025, payable on September 19, 2025. Ex Date: September 4, 2025 and Record Date: September 5, 2025. New Risk • Jun 06
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 2.5% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (108% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (AU$93.4m market cap, or US$60.7m). Recent Insider Transactions • Mar 28
Executive Director recently bought AU$172k worth of stock On the 26th of March, Leanne Catelan bought around 55k shares on-market at roughly AU$3.13 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$231k more in shares than they have sold in the last 12 months. Declared Dividend • Mar 02
Final dividend of AU$0.04 announced Shareholders will receive a dividend of AU$0.04. Ex-date: 5th March 2025 Payment date: 20th March 2025 Dividend yield will be 4.5%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is well covered by both earnings (5% earnings payout ratio) and cash flows (25% cash payout ratio). The dividend has increased by an average of 1.6% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 61% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Oct 26
Excelsior Capital Limited, Annual General Meeting, Nov 28, 2024 Excelsior Capital Limited, Annual General Meeting, Nov 28, 2024. Location: the bennelong room, dexus place, level 15, 1 farrer place, sydney, nsw Australia Declared Dividend • Sep 01
Final dividend increased to AU$0.10 Dividend of AU$0.10 is 200% higher than last year. Ex-date: 5th September 2024 Payment date: 20th September 2024 Dividend yield will be 4.3%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is well covered by both earnings (26% earnings payout ratio) and cash flows (25% cash payout ratio). The dividend has increased by an average of 1.6% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 55% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • Aug 31
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 79% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (79% accrual ratio). Minor Risks Revenue is less than US$5m (AU$2.6m revenue, or US$1.7m). Market cap is less than US$100m (AU$93.9m market cap, or US$63.6m). Announcement • Jul 04
Excelsior Capital Limited Receives a Notice from Baauer Pty Ltd On July 3, 2024, Excelsior Capital Limited announced that it has received a request of notice under section 203D and section 249D of the Corporation Act 2001 from requisitioning shareholders, Baauer Pty Ltd and Gliocas Investments Pty Ltd, requesting the Company to call and convene a general meeting of the Company to consider and vote on resolutions for the appointment of Luke Cummings and David Prescott as directors of the Company along with the removal of existing Director Danny Herceg and Ryan Mount, and any other director appointed between the 11 June 2024. The Company added that the directors unanimously recommend shareholders vote against all the resolutions. Declared Dividend • Mar 02
First half dividend increased to AU$0.035 Dividend of AU$0.035 is 17% higher than last year. Ex-date: 5th March 2024 Payment date: 20th March 2024 Dividend yield will be 2.3%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is well covered by both earnings (18% earnings payout ratio) and cash flows (22% cash payout ratio). The dividend has increased by an average of 1.6% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 22% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Mar 01
Excelsior Capital Limited Receives a Notice from Baauer Pty Ltd On March 1, 2024, Excelsior Capital Limited announced that it has received a request of notice under section 249D of the Corporation Act 2001 from Requisitioning Shareholder, Baauer Pty Ltd and Benjamin Graham to call and arrange to hold a general meeting of shareholders to consider a resolution to voluntarily wind up and appoint liquidators to the Company. The Company intends to convene a meeting with a date to be announced to shareholders in a notice within 21 days after the date the request was received by the Company, and to hold the meeting within 2 months after the date of the request. Announcement • Feb 01
IPD Group Limited (ASX:IPG) completed the acquisition of CMI Operations Pty Ltd. from Excelsior Capital Limited (ASX:ECL). IPD Group Limited (ASX:IPG) entered into a conditional agreement to acquire CMI Operations Pty Ltd. from Excelsior Capital Limited (ASX:ECL) for approximately AUD 100 million on November 28, 2023. Under the terms, consideration comprises an upfront payment of AUD 92.1 million, subject to customary working capital and net debt adjustment, and a maximum contingent payment of AUD 8.9 million depending on CMI’s FY24 results. IPD will fund the acquisition through a combination of a fully underwritten equity raising of AUD 65 million consisting of an institutional placement to raise approximately AUD 40 million along with an accelerated pro rata non-renounceable entitlement offer of new fully paid ordinary to raise approximately AUD 25.0 million and new debt facilities of AUD 40 million. CMI reported net sales of AUD 104.3 million, EBITDA of AUD 17.1 million and EBIT of AUD 15.5 million for the financial year 2023. IPD Group has the right to receive and pay a break fee of AUD 1 million. The acquisition is subject to approval by shareholders of Excelsior. The Board of ECL unanimously recommends that ECL shareholders vote in favor of the transaction. Completion of the acquisition is anticipated to occur by February 2024. ECL intends to use the net proceeds delivered by the transaction to further develop and grow its primary investment portfolio business. The acquisition delivers pro forma FY23A EPS accretion of over 30% for IPD Group. RSM Australia acted as an independent expert, Houlihan Lokey acted as financial advisor and Nicholson Ryan Lawyers acted as legal advisor for ECL. Gordon McCann, Seema Sandhu,Sarah Roettgers,Sarah Gilkes,Charmian Holmes and Veno Panicker of Hamilton Locke acted as legal advisor and Due-diligence provider to IPD Group Limited.
IPD Group Limited (ASX:IPG) completed the acquisition of CMI Operations Pty Ltd. from Excelsior Capital Limited (ASX:ECL) on January 31, 2024. Recent Insider Transactions • Dec 06
Executive Director recently bought AU$1.0m worth of stock On the 1st of December, Leanne Catelan bought around 322k shares on-market at roughly AU$3.13 per share. This transaction amounted to 2.2% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Announcement • Nov 30
IPD Group Limited (ASX:IPG) entered into a conditional agreement to acquire CMI Operations Pty Ltd. from Excelsior Capital Limited (ASX:ECL) for approximately AUD 100 million. IPD Group Limited (ASX:IPG) entered into a conditional agreement to acquire CMI Operations Pty Ltd. from Excelsior Capital Limited (ASX:ECL) for approximately AUD 100 million on November 28, 2023. Under the terms, consideration comprises an upfront payment of AUD 92.1 million, subject to customary working capital and net debt adjustment, and a maximum contingent payment of AUD 8.9 million depending on CMI’s FY24 results. IPD will fund the acquisition through a combination of a fully underwritten equity raising of AUD 65 million and new debt facilities of AUD 40 million. CMI reported net sales of AUD 104.3 million, EBITDA of AUD 17.1 million and EBIT of AUD 15.5 million for the financial year 2023. IPD Group has the right to receive and pay a break fee of AUD 1 million. The acquisition is subject to approval by shareholders of Excelsior. The Board of ECL unanimously recommends that ECL shareholders vote in favor of the transaction. Completion of the acquisition is anticipated to occur by February 2024. ECL intends to use the net proceeds delivered by the transaction to further develop and grow its primary investment portfolio business. The acquisition delivers pro forma FY23A EPS accretion of over 30% for IPD Group. RSM Australia acted as an independent expert, Houlihan Lokey acted as financial advisor and Nicholson Ryan Lawyers acted as legal advisor for ECL. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to AU$3.20, the stock trades at a trailing P/E ratio of 9.1x. Average trailing P/E is 8x in the Electrical industry in Australia. Total returns to shareholders of 126% over the past three years. Reported Earnings • Aug 31
Full year 2023 earnings released: EPS: AU$0.35 (vs AU$0.28 in FY 2022) Full year 2023 results: EPS: AU$0.35 (up from AU$0.28 in FY 2022). Revenue: AU$104.0m (up 11% from FY 2022). Net income: AU$10.2m (up 28% from FY 2022). Profit margin: 9.8% (up from 8.6% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. New Risk • Aug 30
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Market cap is less than US$100m (AU$81.8m market cap, or US$53.0m). New Risk • Jun 10
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.8% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (AU$62.9m market cap, or US$42.4m). Board Change • Jun 08
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Non-Executive Director & Company Secretary Ryan Mount was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 28
First half 2023 earnings released: EPS: AU$0.17 (vs AU$0.11 in 1H 2022) First half 2023 results: EPS: AU$0.17 (up from AU$0.11 in 1H 2022). Revenue: AU$51.6m (up 29% from 1H 2022). Net income: AU$4.80m (up 47% from 1H 2022). Profit margin: 9.3% (up from 8.1% in 1H 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Non-Executive Director & Company Secretary Ryan Mount was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Nov 11
Excelsior Capital Limited Not Elects Warwick Sauer as A Director Excelsior Capital Limited announced at annual general meeting held on November 10, 2022, the shareholders not elected Mr. Warwick Sauer as A Director of the company. Announcement • Aug 31
Excelsior Capital Limited Announces Ordinary Fully Paid Dividend to A Period of Six Months Ended June 30, 2022, Payment Date of 26/9/2022 Excelsior Capital Limited announced ordinary fully paid dividend of AUD 0.03000000 to a period of six months ended June 30, 2022. Ex Date of 5/9/2022, Record Date of 6/9/2022 and Payment Date of 26/9/2022. Reported Earnings • Aug 31
Full year 2022 earnings released Full year 2022 results: Revenue: AU$93.4m (up 25% from FY 2021). Net income: AU$8.00m (up 55% from FY 2021). Profit margin: 8.6% (up from 6.9% in FY 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment improved over the past week After last week's 17% share price gain to AU$1.80, the stock trades at a trailing P/E ratio of 8.2x. Average trailing P/E is 11x in the Electrical industry in Oceania. Total returns to shareholders of 64% over the past three years. Announcement • Jun 29
Excelsior Capital Limited Provides Group Earnings Guidance for the Full Year to June 30, 2022 Excelsior Capital Limited provided group earnings guidance for the full year to June 30, 2022. The group's full-year EBIT to 30 June 2022 is expected to exceed the prior year's comparative period EBIT to 30 June 2021 by an amount greater than 15%. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Director Warwick Sauer was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Mar 01
Excelsior Capital Limited Declares Fully Franked Final Dividend, Payable on 25 March, 2022 The Board of Excelsior Capital Limited declared a final dividend of 2.0 cents per share, fully franked, remaining unchanged from the prior corresponding period, with a Record Date of 8 March, 2022 and is payable on 25 March, 2022. Ex Date is March 7, 2022. Board Change • Feb 14
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Director Warwick Sauer was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 01
Full year 2021 earnings released The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: AU$75.1m (up 25% from FY 2020). Net income: AU$5.17m (up 41% from FY 2020). Profit margin: 6.9% (up from 6.1% in FY 2020). The increase in margin was driven by higher revenue. Executive Departure • Mar 10
Non-Executive Chairman Danny Herceg has left the company On the 9th of March, Danny Herceg's tenure as Non-Executive Chairman ended after 1.4 years in the role. As of December 2020, Danny personally held 60.70k shares (AU$91k worth at the time). A total of 2 executives have left over the last 12 months. Announcement • Mar 09
Danny Herceg Resigns from the Board of Excelsior Capital Limited Excelsior Capital Limited advised that Danny Herceg has resigned from the Board of Excelsior Capital Limited, effective 9 March 2021. Reported Earnings • Mar 03
First half 2021 earnings released: EPS AU$0.072 (vs AU$0.067 in 1H 2020) The company reported a solid first half result with improved earnings and revenues, although profit margins were weaker. First half 2021 results: Revenue: AU$33.7m (up 13% from 1H 2020). Net income: AU$2.10m (up 8.1% from 1H 2020). Profit margin: 6.2% (down from 6.5% in 1H 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 4% per year. Recent Insider Transactions • Feb 03
Insider recently bought AU$279k worth of stock On the 29th of January, Warwick Sauer bought around 184k shares on-market at roughly AU$1.52 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$2.7m more in shares than they have sold in the last 12 months. Announcement • Jan 26
Excelsior Capital Limited Announces the Appointment Jakov Males as an Executive Director Excelsior Capital Limited announced the appointment Jakov Males as an Executive Director. Prior to joining ECL, Jakov spent 12 years at UBS As et Management (Australia) as Managing Director, Head of Australian Equities and as a member of the board. Previous positions included Head of Australian Equities at Allianz Global Investors, as well as roles at a domestic boutique fund manager, Deutsche Asset Management and Lendlease. Is New 90 Day High Low • Jan 04
New 90-day low: AU$1.45 The company is down 7.0% from its price of AU$1.55 on 06 October 2020. The Australian market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 21% over the same period. Is New 90 Day High Low • Dec 17
New 90-day low: AU$1.50 The company is down 4.0% from its price of AU$1.56 on 17 September 2020. The Australian market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 14% over the same period. Is New 90 Day High Low • Nov 17
New 90-day low: AU$1.52 The company is down 8.0% from its price of AU$1.66 on 19 August 2020. The Australian market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 28% over the same period. Recent Insider Transactions • Oct 29
Insider recently bought AU$171k worth of stock On the 21st of October, Benjamin Graham bought around 110k shares on-market at roughly AU$1.55 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$1.2m more in shares than they have sold in the last 12 months. 
