A share of that

Last week was a good week for the SCA share price (SXL), with the announcement of Hamish & Andy and other network moves for the Sydney flagship of 2day FM, the share price of the company jumped 8% in one day and 16% for the week.

But some other deals also went down days before the announcement that have raised the eyes of a couple press outlets.

On the ASX announcement page for the company, two SCA Directors, Max Moore-Wilton and Leon Pasternak acquired a bunch of shares.

Chairman Max Moore-Wilton nabbing 285,000 fully paid ­ordinary shares in the company on October 24 worth around $250k; and director Leon Pasternak splurged just over $100k acquiring 120,999 shares on October 27.

SCA have followed protocol and these share purchases were announced formally to the market as required.

Both The Australian and the Australian Financial Review have quizzed SCA on whether the trading was appropriate with both receiving the same response from an SCA spokesperson:

“These matters are operational and the company made the required announcement regarding the issue of new share capital.”

You can view the ASX announcements here.