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Savanna insiders buy after dividend reinstated

Two years ago, Savanna Energy Services Corp. halted its dividend to preserve cash and finance investment. On March 8, the company said the dividend would be reinstated as a monthly 3 cent per share payout. Following the news, chief financial officer Darcy Draudson bought 14,860 shares in the public market between March 19 and 20. He snagged another 5,000 on March 28. Also in late March, a director bought 5,000 shares while CEO Ken Mullen picked up 15,000 shares. The trades by the three insiders were done between $7.55 and $8.06.

Ted Dixon is CEO of INK Research which provides insider news and knowledge to investors. For more background on insider reporting in Canada, visit the FAQ section at Securities referenced in this profile may have already appeared in recent reports distributed to INK subscribers. INK staff may also hold a position in profiled securities.

Chart reflects public-market transactions of common shares or unit trusts by company officers and directors.

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