Algae.Tec's (ASX: AEB, FWB: GZA:GR, ALGXY: US) managing director Peter Hatfull has increased his stake in the company through an on-market trade.
Hatfull purchased 45,000 shares for his super fund for a consideration of $24,750, providing an average entry price of $0.55.
Hatfull now holds 8.16 million shares in his own name (8 million of these escrowed until January 2013), along with another 1.5 million in his super fund.
The advanced renewable oil company is currently ticking off some major global milestones, and just last week a deal was signed with Shandong Kerui Group Holding to build the first biofuels and carbon capture facility in China.
In more positive news, recently Algae.Tec signed a biofuels memorandum of understanding with the European airline Lufthansa, and announced a biofuels production and carbon capture deal with the Sri Lanka subsidiary of industrial giant Holcim.
Algae.Tec has been well supported by the market, and recently completed a A$5 million placement to sophisticated investors through Patersons Securities. Algae.Tec was one of the best performing IPO's of 2011.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/24583/algaetec-director-peter-hatfull-increases-stake-with-on-market-trade-24583.html
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