Slight correction which is very important. The sale of shares by Board members or key management personnel isalways Insider Trading. This is the view of the ASX not my personal view.
Therefore the ASX has in place guidelines for the sale of shares by this class of shareholder which if properly followed will be tolerated by the ASX.
The ASX however states that even when the guidelines are strictly followed the individual selling the shares still needs to be very cognisant of their actions as they are still Insider Trading.
So in Peter's and Anil's respective cases they would have sort in writing permission to sell from the Board and the Board would have given permission in writing setting out its reasons for granting permission and the conditions upon which that approval was given including when and how such sale was to occur.
In Peter's case the Board would have told him that last week was the most reasonable time to undertake the sale remembering that his sale was by ASX definition an Insider Trade. Just one factor that the ASX will take into account when considering the reasonableness of the sale is whether the sale was undertaken into an announcement. Clearly when the sale took place there was no announcement.
If Peter had given the reason for his sale as being the need to pay tax which is a common reason then a scheme to allow him to sell after 30 June, 2021 would not be within the spirit of what the ASX envisages and so despite the detriment the Board would require the sale to take place and the tax be paid by that sale in a reasonably proximate fashion as proof of the bona fides of both Peter and the Board.
Just think yourself lucky that as a retail shareholder you do not have these sort of big brother controls over your every move when it comes to your shareholding.
My opinion only DYOR
FF
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