Ann: Ceasing to be a substantial holder , page-2

I find this latest announcement of one of our directors ceasing to have control of a substantial shareholding a concern.

Here is the company's trading restrictions for insiders:

"(1) one day to a maximum of six weeks after the release of the
Company’s half-yearly financial results to the ASX;
(2) one day to a maximum of six weeks after the release of the
Company’s preliminary full year financial results to the ASX;
(3) one day to a maximum of six weeks after the Annual General
Meeting of the Company has been held; or
(4) at any time the Company has an offer under a prospectus open"

It seems to me that Ryder Capital (of which Director Peter Constable is a controller) would have been unable to trade in Nomad shares in January or February until the six monthly results come out.

So if the owners of those shares want to trade in Nomad (and you would have to wonder if they have had direct access to the director who controlled the shares up until now) what you do is take the control away from the Director's company, Ryder Capital, and then buy or sell the shares at a time when he could not do so. If necessary the director then claims that he had no control over the shares or the owners any more. Why else would you take the control of these shares away from a Director of the company and particularly at a time when he cannot deal in them?

I will be interested to see what trading happens in coming weeks. I do think Directors should explain what is going on here and who owns these shares, particularly for a company like Nomad, which has given its shareholders such a tough time.

GPASAS