👀 Major shareholder buys $178k in shares on market.

Late last week we saw one of FOD’s biggest shareholders ‘Batman Investments’ whose principal is Geelong based businessman Vasilios Votsaris.

With the share price recently touching its 52 week low at 1.7c the strong buying from a major shareholder is another indicator to us that the company is starting to build a base around these levels.

Votsaris’ purchasing seems to have started on 31 January this year and ended on 21 March with a total of $178k purchased at an average share price of 21c.

Mr Votsaris now owns 7.12% of the company.

In our 2022 Investment Memo we listed the turnaround potential for the company as a key reason we continue to hold FOD in 2022.

We see the buying on market by a major shareholder as a vote of confidence in the turnaround strategy and look forward to FOD’s progress on this front this year. The market also seems to like the buying from last week with the share price trading at 2.6c, up 13% today alone.