Err um ... Mr Foley is in very hot water because the associated private placement may have been at the small investor retail price rather at the higher price for larger investors.
Like everyone Mr Foley was entitled to $5000 worth of shares at the discount retail price. ASIC takes a dim view of any situation where a director exploits his or her position to gain a market advantage over others. The onus may be on Mr Foley to demonstate , to the regulators, that he did not know about the transaction. Hm....... I might be wrong but its not up to me to decide whether an investigation is warranted or to preempt the findings. The response to the ASX is however a bit light on.
Anyway this is Mr Foley's problem not mine. The GOOD news for you and me in that directors are actually seeking to expand their direct and indirect holdings AT THIS POINT IN TIME.
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Pure speculation - Not investment advice
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