The fact is, they could have held them over in escrow but chose not to. There could be many reasons for selling a small %age of their holding - I don't hold anything against Directors/founders selling (if they buy it is a different matter, that is good news). They could be selling to manage their tax affairs, to raise money for rights issues, to have a nice Christmas - who knows?
However, the shares coming out of escrow on 1 Dec are a huge number of shares compared to daily turnover. While they exist as a potential sale the share price will remain depressed from normal; as you would expect. Even if they have an agreement to sell a large block the agreement would be based upon VWAP over a certain time period, so there is a motive for one of the parties to depress the share price and keep it down for a while.
You are kidding yourself if you think this won't have an effect. Wait a couple of weeks and see what happens. I called it on the day of the company notice and sold on that day; it has since fallen around 15% or so. I'll wait it out a few weeks or months until the selling has stopped. IMO, this still has a way to fall, maybe another 10-15%. If it fills the gap then that would be good, I think, and about the maximum fall that I would expect.
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