bubbles, page-142

I think it is perhaps more sensible to take Glyn's reason for selling a parcel of shares at face value, along with other factors, which makes the directors' decisions to do so reasonably innocent. These factors include:
- the directors have held their shares without selling any for years;
- they each retain a significant holding of shares (the scientist director - Edwards - who holds the most selling relatively few)
- it was an opportune time to sell because they had just been awarded performance shares;
- any rational investor would consider selling a parcel of their holdings if the share price were to more than double;
- the directors do not know when exactly any of their partners are going to commercialise the technology - they are beholden to their own independent decision making processes, though they may be extremely confident that these decision making processes will be in OBJ's favour.

Holders should also bear in mind that the directors, in particular Glyn, has been very consistent with his approach to shareholder queries and explaining the decisions of company management. Though often coy and minimalist with the information disclosed, this has always been explicable on the basis of preserving the confidential relationships the company has with its partners. In the more than 4 years I've been a holder, I have had no cause to question management's integrity.



J