On the basis of this news alone I have re-bought about half the...

On the basis of this news alone I have re-bought about half the AVZ shares I sold entirely on the basis of Klaus's 3Y without collateral damage mitigating explanation to accompany that announcement of the 7th of June.

In my opinion, governance still needs to be fixed. The Security Trading Policy should be updated so that waiver clauses and exceptional circumstances clauses do not need to be used for routine director sales.

Personally I don't care if 3.1(b) 'prior to JORC Reserve"... is completely removed - but whilst it is there I do care that directors don't ignore it or creatively read it to mean something other than "prior".

Also it should NEVER be the case that exceptional circumstances (3.7) nor waiver clauses (5) can be used without prior (to the actual trade) written clearance being obtained from someone other than the director who is doing the trading in a non trading or closed period.

If prior written clearance is ALWAYS required when exceptional circumstances or waivers are granted to trade in closed periods (however the new board decides to define those) then it will never be the case that a Appendix 3Y question "Were the securities of contracts traded above in a +closed period where prior written clearance was required?" would be No only because the Security Trading Policy as written doesn't require prior written clearance.

Transparency and not misleading (even accidentally) shareholders and the market are good things.