Its the sneaky lack of disclosure...this sort of thing is...

Its the sneaky lack of disclosure...this sort of thing is endemic in businesses set up to look after the well being of the board/major shareholders and not retail holders

This undisclosed holding would have enabled insider trading on information not available to the public without alerting joe public to the sell/buys

Do you think the rest of the board were unaware of their Australian ASIC obligations and didnt know such a large undisclosed holding was in play?

It also enforces the factual events of positive announcements followed by directors selling holdings... followed by no substantial progress....a vicious or virtuous cycle (based on what side of the infotmation fence you sit on.)

ASIC should prosecute this. Moral alarm bells Joe Investor