Directors can not buy/sell before release of the annual report, but they can after the report is released, which is what happened here.
Richard Seville also sold quite a much larger portion of his holdings after the merger ( see 14 Sept 2021 ), but he was already selling even before that ( 7 January 2021 ).
If you looked at the 14 Sep 2021 disposal by RS, you would have reacted the same way as now, but where did the SP went after that ?
AKE Price at posting:
$13.20 Sentiment: Buy Disclosure: Held