Does it pass the pub test? Me thinks not.
Simple facts:
1. He should NEVER have sold at that time - PLUS - PCL's policy should have a black out period during drilling - I believe even WPL and STO have these.
2. Options were no where near their expiry date - so why exercise/sell now on a huge speculative share price run?
3. He has no real $$ invested in the Company - mainly free stock issued for what now appears to be worthless Californian assets. Taking $250k off the table is taking the proverbial.
I'm sure he's a nice fella - but he has made a serious error of judgement and like all leaders, someone needs to be the fall guy (without a handsome payout). Anyway - seems ASX is all over it - so will see what eventuates. Chairman prob needs to go as well. Very poor governance.
DYOR
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