Ann: Results of Meeting, page-153

Hi doona,

Firstly, black out periods are not a legal requirement and are strictly a matter of company policy. So directors can trade on the open market to their hearts content, however they obviously can't trade on insider information - and they may be in breach of company policy if they trade during a blackout period. Further, Asx requires disclosure of these trading policies and does investigate director breaches.

Most companies have a policy that changes depending on the person in question and the material developments underway. The more likely you are to know of material undisclosed information, the less likely you are to be able to trade.

That said where there is a will there is a way. Typical policies allow the following. Usually an individual can ask the board to vote and approve trading during a blackout period - however if that individual should know undisclosed info, approval won't likely be granted.

You can also establish a share purchase plan which effectively sets out defined purchased dates and defined investment amounts,but not defined share prices. I. E. I wish to purchase $1,000 in shares on the fifth of every month. You don't get to pick the share price or that defeats the purpose. Also sometimes they can take part in big placements like the one xped has - but even that is risky if they know of something (as they are picking a buy price and can have an unfair expectation of a sp increase from that buy price with their inside knowledge).

They can also give money to a fund manager who doesn't act on their authority. I.e.they give their money to a fm and say here invest this for me however you see fit, and as part of a pooled fund at their own discretion the manager happens to invest in xped. This is called indirectly investing.

They can sell under similar scenarios plus usually under extreme hardship like hospitalisation etc.

Point is to limit the opportunity or the appearance of insider trading.

And yes, the mere mention that they will have a big update soon is a solid indication they are currently in blackout.