at the time shares were sold by directors being a couple of weeks in May, they were likely not in a blackout period as relevant confidential information had just been disclosed to the market. So legally they were not insiders for the purposes of trading. Perhaps he needed liquidity for tax reasons. As we know directors have limited windows to sell in any year so they strike when cleared and it’s fortuitous if the share price is in good territory. It can always be painted as contrived but I don’t believe it is in this particular month.
Ann: Investor Presentation, page-75
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