Ann: PharmAust Completes Share Purchase Plan, page-92

Curiosity more than anything because in my mind it is murky, and this is not to try stir or antagonise but a genuine gap in understanding.

Doesn't what you described run the risk of insider trading? Where there is an unfair advantage given to some shareholders, due to them having material information, that a reasonable person would consider could influence the price of the shares?

Some shareholders, somehow, had legitimate (as in not hearsay) information about potential future directions of the company, that could (and did) materially impact the share price, that a reasonable person (any investor here) may consider has an impact to share price (give many asking about it would seem to be the case).

Regardless, if they were the top shareholders they were in possession of material information before we went into a halt, that led up to the spill. They could have been buying massively or selling massively, based on information that was material. There is no doubt that information that leads to a board spill is material.

Zero interest in pursuing this but I am curious as to how this is ok and why it is not insider trading?