Not saying there is any need for panic, but let's be analytical...

Not saying there is any need for panic, but let's be analytical about it. We can't get all excited when directors are buying, but then not get slightly sceptical when they are selling.

Firstly, it is very convenient that the shares have hit an all time high just as the tax bill is due...

Secondly, there is no need to exercise the options until December, so raising cash to exercise options at this point in time is not a plausible explanation.

Thirdly, to have a 2.2m tax bill, he must have crystallised 4.4m of gains/profits from other ventures. He has therefore done something else with the cash and has taken the view that that is a better investment than holding his YOW shares.