In April, SIQ ceo Deven Billimoria sells $8,360,000 worth of stock at $7.60
In August, SIQ produce a surprisingly good profit result (against a backdrop of falling new car sales, a major profit driver for SIQ). Stock rallies to >$11 ...
In August and September, Deven hits the road on his "investor roadshow" saying how good the business is because it was able to produce such a good result despite the fall of new cars sales, a major profit driver. Stock rallies to >$12 ....
In October, long standing shareholder Smart Packages Pte sells 32.6m shares at A$11.30, for total sale value of $368m. Smart Packages and Deven Billimoria have been close for many years ....
In November, Deven Billimoria announces he is leaving SIQ after 19 years (much of which under Smart Packages Pte ownership). Oh, and then SIQ issue a thumping big profit downgrade.
So did Deven go on a roadshow expecting a sell down and knowing the business profitability was under pressure ??
Is this just all one happy coincidence or should ASIC be looking a bit closer at what has been going on here??
i reckon this is dodge city.
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