I have to disagree. I don't think there is any need, or...

I have to disagree. I don't think there is any need, or responsibility, mandatory or otherwise, for directors to explain their buy/sell decisions. The responsibility is on shareholders to understand their investment and the associated risks then take appropriate action as required. It's not on management to explain their decisions to make investors feel better about an investment they don't understand.

If your worried, sell. Otherwise, ignore the Appendix 3Y forms and get on with your day. There are so many reasons why directors would sell and you will never know which one applies to a particular situation so it's better to spend that energy on something else.