Ann: Change of Director's Interest Notice - DT, page-60

Being a millionaire doesn't mean you are liquid as the vast majority of those with a net worth > $1m (or even >$1B) typically are tied up in illiquid assets such as company holdings, illiquid/hard to liquidate investments, or real estate as is the case for the avg millionaire next door. Being liquid is another issue. Same goes with comments related to his salary. Once you consider that amount is subject to 30% taxes and then spread out over 12 monthly payments the picture changes a bit. And that's before considering mortgage and alimony payments, school fees for his kids etc. before you get down to residual discretionary income. I'm not shedding a tear for the guy, simply being real on cost of living in Sydney and what some of these numbers mean from a big picture perspective.

Management is fully aware of the signal effect director purchases and sales carry as evidenced by the comment attached to the disclosure. If anything, I am sure DT is pissed that he was forced to sell at the current levels knowing the fair value is at least 2-3 times what he received. And that's not even thinking long-term. Keep in mind he had 100m shares when this was trading around 20c, so he knows what potential value he's foregone.

This is also why more sinister implications floated earlier by someone that it's a sign of him trying to cash out is ludicrous as why not just sell more in that case?! The damage of selling from a signal perspective is already done, so why not just dump more shares if he really doesn't believe there's LT upside? "In for a penny, in for a pound" so to speak. It's because he of all people knows the shares are worth a lot more right now than the 2.8c the market is pricing, let alone what it will be worth once the company moves towards processing $1B GMV.

Timing of this sale sucks for him as looking back in 12-18 months time it will be much clearer how much he could have gotten for the shares. But that's how Mr. Market works -- things aren't always working clockwork like we hope, but all in due time. I doubt this would have even triggered 10% of the commentaries it did if the SP atm was trading at/near/or above FV. People then would simply not give a toss about it.