Ann: Extension of Voluntary Suspension, page-235

Here's a blindside theory.

Jim left because he could see this was no longer the best thing since sliced bread and would be confined to niche applications only.

Still a sale-able product, couple hundred $million maybe, but not multi billion. So he left. Not worth his time.
He subsequently sold out enough to at least break even with CPI adjustment.

David was pissed at last AGM because he knew he would be left with, if not a rotten potato for a chip, something a lot less flashy.
David also sold out enough to rebalance his portfolio last year/ earlier this year.

The sell cap for directors was put into place so that any further selling by directors would be slow and over the course of multiple quarters. The pattern this would have established would have therefore sunk the shareprice, thus reducing the incentive for directors to sell in the first place.

Wilbert came in knowing it was a long shot and was handsomely incentivised to give it a fair crack.

They have reached the natural conclusion for the 4DS R&D.
The program at imec is being terminated.
The technology where is stands now, is good enough for a sale.

The value of the sale is a lot less than we had hoped for.


Equally, the value of the sale could have improved since Jims departure on account of R&D breakthroughs. So even this theory could have an ending with a billion dollar + sale.

David was right and he badly wants out, there will be no AGM.
They plan to sell before that.