Chris Heaslip advised partial divestment back in July. He gave an undertaking not to sell any further shares inside of 18 months, with the shares escrowed accordingly.
By waving this limitation on 6.5 m shares, the CCB CEO comes on board with a substantial stake. The escrow requirement essentially transfers and applies to his shares.
Clearly Chris wants out. We have all witnessed the impact of his earlier divestment on the share price since July, so I take this as a positive. No other shareholder disadvantaged via this off-market transaction. You can sell your shares today at a premium to what he achieved.
Rokewa
PPH Price at posting:
$3.93 Sentiment: Buy Disclosure: Held
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