(Image Credit - Investment Zen)
Over the past week, three insiders at Supreme Pharmaceuticals Inc. (TSXV:FIRE)(OTC:SPRWF) filed with SEDI concerning their recent stock purchases. Since officers and directors of companies have the most complete picture of what is going on inside of their organization, it's a major vote of confidence to see them buying shares, especially as others have been concerned given the recent decline in shares of Supreme.
Shares of Supreme Pharmaceuticals trading on the Toronto Venture Exchange are down more than 15% from June 28th, when the company announced that they got their long awaited sales license. Year-to-date, shares of Supreme are down 20%.
Now Read: Supreme Pharmaceuticals Receives Sales License
Without further ado, which insiders are buying shares of Supreme and how much are they buying?
Navdeep S. Dhaliwal, Director and Chief Financial Officer
Mr. Dhaliwal filed two Form 10s (Acquisition in the Public Market) with SEDI disclosing his purchases (as well as those of 2551448 Ontario, a company that he has direction over) of Supreme common stock over the past 7 days. The purchases were broken into three separate transactions:
20,000 shares acquired on July 13th at $1.079 CAD per share = $21,580 CAD*
16,800 shares acquired on July 14th at $1.046 CAD per share = $17,572 CAD*
2,200 shares acquired on July 11th at $1.040 CAD per share = $2,288 CAD
* purchased by 2551448 Ontario Inc., a company that Mr. Dhaliwal has control or direction over
Ronald A. Factor, Director
Mr. Factor also filed two Form 10s (Acquisition in the Public Market) with SEDI disclosing his purchases of Supreme common stock over the past 7 days. The purchases were broken into two separate transactions:
28,000 shares acquired on July 13th at $1.092 CAD per share = $30,576 CAD
24,000 shares acquired on July 13th at $1.084 CAD per share = $26,016 CAD*
* purchased for a tax-free savings account
John Alexander Fowler, President and Chief Executive Officer
Mr. Fowler filed two form 10s in the past week with SEDI disclosing purchases of Supreme shares by 2551448 Ontario Inc. These are the same shares that Mr. Dhaliwal disclosed as being purchased by the Ontario company. Both officers have control or direction over 2551448 Ontario.
While the shares acquired make up only a small sliver of the roughly 188 million shares outstanding, this buying is a major vote of confidence from Supreme insiders, especially at these depressed prices. Shares closed trading on Tuesday, July 18th (one day after the bulk of the filings were released) at $1.16 CAD, higher by 7.41% on the day.
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