Ann: Chair's Statement regarding Director Trades, page-16

If you sold out when the directors of ALU took a good portion off the table at $2.80 you'd be pretty annoyed.
Directors sells can give a good insight into the future outlook of the company but in this instance with Tom holding 16.2M shares and the positive update I'd say the outlook is still positive. The FIG sell down by the directors after 3 upgrades, followed by a downgrade was inexcusable. The stakes are higher now for EML as the market was a little miffed by the barrage of positive updates, pushing the SP to $2.20, then the directors sells that followed. A positive half year report and announcement of eps accretive contracts is the only way the sell down will be digested by the market. Fair valuation of the SP is $2.00/$2.10 at the moment with out any new contracts factored in. Share price will drift in the meantime unfortunately.