Good Old Bell Potter Downgrades from Buy to Hold, page-34

From Bell Porter report (extract below) which I agreed totally selling during her short term as CEO did not do justice to the share price and not sure how the Directors could let this to happen as it is her personal money issues (before becoming CEO)-

3. Insider selling The recent selling by the incoming CEO is difficult to understand, given the limited employment window. While the sale has been explained as required to manage tax obligations and prior commitments, the reality is that this has been poorly managed. If the Board was aware that the issued shares were to be disposed almost instantaneously then it should have considered a cash payment (noting A2M exited FY18 with NZ$340.5m in net cash) to avoid the obvious fallout of a CEO selling stock less than three months following their commencement. If the Board was not aware of the CEO’s intention to dispose of the stock, then the question needs to be asked as to why. In our view, there is now substantial pressure on A2M to meet market expectations in the coming months and this has somewhat been reflected in the ~$850m in value which has been wiped of the stock since the sale was announced.