Ann: Change of Director's Interest Notice, page-27

It makes little sense for directors of any listed company to sell intentionally in consort at a share price peak. They would consequently become liable to claims of financial benefit through inside knowledge, and possibly also of prior ramping.

If they wished to unlock some cash from their holdings though, an ideal opportunity to do so would be when they had reason to expect the SP to be higher in the immediate future. This would remove the risk of needing to defend a claim of trading advantage.

As has been mentioned already, DRO directors have an unusual history of selling unexpectedly in consort. Data in the table below showing their recent orchestrated sales therefore are worth considering.



In each of the instances detailed above, the share price has shown a significant rise within 2-3 weeks after the director sales. The directors appear to have foregone potential capital gains for the opportunity to withdraw some cash.