The managing director of Hudson Timber Products has demonstrated his faith in the firm by buying 50,000 shares a day after a profit downgrade wiped more than 40% off the company’s share price.
Bruce McLeod bought the shares after the company announced its frame and truss business would drag projected full-year earnings of A$2.6m down to A$1.5m.
Meanwhile, the Australian Securities and Investments Commission is investigating the sale of 340,000 Hudson shares by one of its directors shortly before the profit warning.
