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Ann: Change of Director's Interest Notice-SRX.AX, page-28

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cafa

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02/11/16

12:30

Post #: 20308289
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Originally posted by slc4me ↑

Think I have broken the rules of HC by the below post - don't care to be honest. I got angrier and angrier as I was typing so had to cut it short as I might have said something I should not have (or sounded like JCoure!!!!).

Anyway my email below:

Dear Mr Duthy,

I am a long term share holder of Sirtex and would like to express my disappointment at the Change of Directors Interest Notice released on the 1st of November. While it is obviously reasonable for Gilman Wong to sell shares the timing and lack of disclosure as to why is very perplexing.

To be selling shares so soon after the AGM suggests to me Mr Wong has little faith in the future performance of SRX. If Mr Wong has little faith it raises the question as to why should I have any faith in the long term future of SRX. The selling of shares by Mr Wong has been compounded by the refusal of the company to release a forecast for this financial year and an update of the 1st qtr sales. I note Mr Wong has sold shares in the past but this was done at a time when quarterly sales were also disclosed - so at least all shareholders (not just a select few) - knew how the company was performing.

I also find it disturbing that a reason was not given with the change of interest notice (not required but many other companies do) and a $ value received (legally required so the form should be released again with the consideration obtained).

The bottom line is Mr Wong is telling all shareholders (only 7 days ago at the AGM) that the company is travelling well and has a bright future, while at the same time he is making significant sales of his own holdings. All this done while the company refuses to publish performance updates. This is the behaviour of a penny dreadful stock that will never amount to anything - rather than an ASX 100 listed company with a $1.6B market cap.

Sirtex is better than this. I urge the Board to seriously reconsider issuing quarterly updates or at least reduce the amount of shares a director can sell without a reasonable explanation.

A very disappointed Shareholder

Regards

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'Think I have broken the rules of HC by the below post'

I see no reason why it would be an issue. A well articulated and logical view.

I see no reason for a CEO to not openly disclose that they intend to sell X% every year, for instance. If there is a problem it is more of an ASIC rules problem that allows this.

Maybe SRX should tighten its internal rules and only allow trades within 4 weeks of actual results. At least most SH would have almost the same info as a senior executive. The 4 weeks from an AGM leaves too much speculation.

Last edited by cafa: 02/11/16

SRX Price at posting: $27.23 Sentiment: Buy Disclosure: Held
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