Ann: Director Share Sale & Appendix 3Y, page-13

Who are you talking about bloke?
Where is the evidence of this MD sale on the 1/12/23?
I think you might be jumping at shadows on this one yatchy.

1. We don't have an MD (There are no CMM directors in senior management)
2. The block trade went through on the 4/12/23 not the 1/12/23

This is likely the CMM Staff and directors Xmas sell window. Straight on the back of the AGM allowing directors to sell a few in order to fund the exercise of performance oppies if needed.
The brokers, directors, CMM staff, and the short side were ready for this window.
Broker has likely asked CMM for a block trade and price negotiations took place between 30/11 and 1/12.
The deal was underwritten at some point on Friday and whether the broker sold to the shorts at $4.60 or higher is their business.
The 3 million shares sold by the broker on 1/12/23 could have come from the brokers own holdings prior to the settlement on the 4/12.
Creates a level playing field whereby CMM staff, management and directors all get the same price without needing to go through the open market.
The size of the block trade was probably a bit higher than 7 million in total to allow for management and staff to sell into the block.
Maybe 8 million? Maybe staff and management were asked how many prior to the deal?
I reckon we're going to hug the 200MA until further news arrives.