This isn't insider trading. Insider trading is when you know something that the market can't find out themselves and this benefits you through the knowledge of confidential information.
On 10/11/16, PDN released an announcement stating that the sale of it's interests in a project were delayed significantly for give or take 6 months. You were all aware debt was due next year and that this sale would help pay off the debt owed to debt holders. It is fair to say that because the sale got delayed and the debt is due next year, you can assume that this would cause issues to being able to repay the debt.
Today, PDN released an announcement saying that they are in discussions with debt holders trying to restructure its debt. You really need to understand that any person doing some research would've known that this was a problem and would've sold out of positions. Some people/funds were optimistic and thinking the company would do a capital raising to solve the problem in the past 2-3 weeks. They haven't and people sold out.
Nothing much changed since 2-3 weeks ago except the admission that they are in discussion with debt holders, which could've easily been assumed two weeks ago.
It could easily be argued that PDN made an announcement because there was heavy volume + big price drop and they didn't want a problem with the ASX rules so they gave an update to avoid dealing with ASX queries.
(Disclosure: I don't hold PDN and I haven't traded PDN for the past 6 months at least)
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