I may have screwed up on the price sensitive ann thing, but I can say for sure that the disclosure of sensitive information by the company must be made through the ASX. It is not about whether a select few shareholders are informed, it is about whether the market is informed.
If price sensitive information was revealed in the public domain, then an announcement should have followed to the ASX almost immediately. It is what you do to ensure continous disclosure.
As far as the directors trades go, the direction the share price is travelling is irrelevant. You don't trade while the market is not fuly informed. And Denis basically admitted they traded while the market was not fully informed.
Also, as far as Denis's excuse goes about patents. In just about ever jurisdiction I know, you are protected if you release information once the patent application is submitted. At least in some jurisdictions, a provisional patent will grant you protection and they only cost a couple of grand.
At best, Denis and Co seemed to have made a big mistake.
Cheers,
Bill
SLA Price at posting:
0.0¢ Sentiment: Sell Disclosure: Held
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