If he is not chairman he cannot use waivers and exceptional circumstances provisions in the 2010 Security Trading Policy to get around selling during the closed period or Non Trading Periods in that document without even having to get prior written clearance for doing so.
In my opinion Klaus was treating the waiver clause in the Security Trading Provisions not for exceptional circumstances as it is intended but for his very own Santa clause clause giving him the opportunity to sell anytime. On the face of the Security Trading Policy as written no director not Klaus and not Flint could have sold shares since the time Klaus has been a director because they'd included the prior to JORC Reserve as a non trading period - unless they used waiver provisions or exceptional circumstance provsions to do so. Talk in the the media about trading windows was nonsense - the 3.1(b) prior to JORC Reserve prohibition meant they were using a blackout not a trading window style and the dills had blacked out everything until completion of an initial JORC Resource - which hasn't happened yet.
This is very good news for AVZ in my opinion but they need to get someone in that will fix governance. They should take the opportunity to update the 2010 Security Trading Policy. I haven't seen any other explorer - I checked about 5 of them, make trading "prior to JORC Reserve.." a Non Trading (ie closed period).
As I understand if Klaus breached his duty of care and diligence as a director in the manner in which he sold shares into a declining market without even the care or consideration for his fellow shareholders to mitigate the damage such an act would do to confidence by accompanying his 3Y with an explanatory note then action may be brought against him personally for up to 6 years (from memory) either by individuals or by ASIC for breach of section 180(1). There are also likely to be restrictions on the extent to which he could rely on professional indemnity insurance and the like.
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