Hi @mondyinvest. I agree with a lot of what you say.But as you...

Hi @mondyinvest. I agree with a lot of what you say.
But as you correctly identified, my issue is towards the buy-back more so than a director selling. Whilst I don't want to re-hash that debate again, i think this situation further illustrates the folly of an on market buy back vs FF dividend.
Clearly this director would prefer to reduce their exposure to WHC - for whatever reason (maybe on valuation grounds, maybe for personal reasons). Either way, for him the most tax effective way to get money out of WHC is through fully franked dividends, not through an on market share sale (as he has done) or by the company completing an on market buy back.
So, whilst i don't think there is a governance issue, i think it should give board members pause for thought about what is most suitable for all shareholders. Remembering of course, if you think the stock is undervalued - you can use your dividends to buy more stock at any time, and at a price you see fit.