While not defending Shand, it's pretty normal for exiting...

While not defending Shand, it's pretty normal for exiting Directors (if they are not the founder) to sell holdings if they leave the company. But yes, not a ringing endorsement.

As an aside, there are quite a few institutional investors looking at BAF with interest, but no-one knows how to price the thing adequately, so assigning a fair value (and therefore a margin of safety), is damn near impossible. I've caught some of the Blue Sky execs out on a few issues where their claims on some aspects of the business was, shall we say, creative in its interpretation.

In summary, no one knows how deep the rot goes.