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PARKD director makes fifth on-market share purchase in two months

Non-executive director Robert Martin has lifted his indirect interest in the company to more than 1.222 million shares.

PARKD modular parking system
The company has developed a lightweight modular parking system

PARKD Ltd (ASX:PKD) non-executive director Robert Martin is showing strong confidence in the company’s modular parking strategy with his fifth on-market share purchase in two months.

On June 28 Martin purchased 574,007 shares in an on-market transaction valued at more than $57,000.

He now holds more than 1.222 million shares in indirect interests.

READ: PARKD director snaps up shares on market

This purchase followed one of 80,983 shares early last week and others of 13,095, 38,248 and 25,000 shares in May.

PARKD is a Perth-based construction technology company that has developed an innovative lightweight concrete modular car parking system.

The system was developed by the company’s founders after identifying a niche market for a flexible structure that has the ability to be cost effective, reusable and easy to construct.

READ: PARKD reshuffles management, Troncone now CEO

PARKD recently appointed Len Troncone as its CEO while Peter McUtchen stepped down as managing director to assume the role of chief operating officer (COO).

Troncone retains his CFO duties and McUtchen remains a board member.

“Significant increase of interest”

The company’s chairman Bronte Howson said at the time: “There has been a significant increase of interest to develop the PARKD patented technology from a broad base of commercial investment which has necessitated a restructure within the management team.

“This will allow Peter, the founding co-developer of the company’s IP, to best dedicate his skills and qualification as a structural engineer to service demand and take a more focused approach to the research and development of PARKD’s technology.”

“Exciting time”

“This is an exciting time for the company as we grow from within our existing management structure by maximising the skill sets of our people to ensure costs are minimised while maximising our growth potential,” Howson said.

READ: PARKD gains new substantial holder; Bronte Howson buys more shares

“With Peter dedicating his time to operations it has allowed the elevation of Len from chief financial officer to chief executive officer to provide financial support and use his extensive industry knowledge in the overall running of the business.

“Len’s proven experience in delivering strong financial management provides the ideal opportunity to complete the restructure of the leadership roles within the company.

“The new management structure with Peter’s operational skills and with Len leading the financial and strategic direction to deliver shareholder wealth is a positive step for the company going forward.”

Quick facts: PARKD Ltd

Price: 0.075 AUD

ASX:PKD
Market: ASX
Market Cap: $5.64 m
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PARKD bolsters leadership team with new chief financial officer appointment

Parkd Ltd (ASX:PKD) managing director Peter McUtchen updates Proactive Investors on the tech start-up's recent appointment of Len Troncone to the newly-created role of chief financial officer.    Troncone was instrumental in the development and delivery of shareholder value...

on 8/4/19

3 min read