Any director (key management personel, KPM) whose company is selling using undisclosed knowledge or in restricted trading periods around announcements such as JORC results without disclosing or manipulating the SP lower for any purpose including pressure to sell an asset to it by the company below market price could be in breach of insider trading laws imho.
ASX considers insider trading or price manipulation seriously.
https://www.asx.com.au/documents/rules/gn27_trading_policies.pdfWe do not know the facts here yet but we do know there is only one seller currently who is selling below market price constantly & almost daily. Its BMM.
A large holder is not allowed to sell on market around announcements obtained using inside info from BOD meetings without information released to the public & their shares are required NOT to be disposed of in these restricted periods. See ASX rule 4 above.
The BOD also have a confidentiality requirement so a director cannot advise its rep of info which they then use to trade on market.
Worse still, selling, capping & flipping shares shows disloyalty & lack of commitment LT.
If they wish to exit then do it via Hartleys by offmarket transfer to another INSTO or whale, not by small parcel SP manipualtion daily via brokers effectively capping the SP lower.
If any of you had a 550M share parcel in POS acquired in 2018 CR, would you do what BMM have been doing, would you Red?
If it were me I would ramp it to 23c then slowly offload at highs or dump the lot offmarket via Hartleys at 19c to IGO BHP Gina say to maximise my return.
I would NEVER in a million years do what BMM are and have been doing.
Its self destructive and capping the stock & losing massive wealth for themselves mainly.
Do I want an extra $28M cash for my stock or to sell it for halfprice?
Hmmmm, hard choice there. NOT.
The upcoming AGM both DH DH & Felicity should both resign & PH should demand this of them.
They do not deserve their Board seats if their holders are exiting this way.
Last years AGM the support for the BOD was very high & unprecedented, fast forward a year later and now we know both backstabbed PH & have been selling and capping the stock at the worst possible times.
DH DH should resign forthwith imho.
At the AGM should I move a motion to remove them both as directors due to the above?
(20min delay)