I disagree. The question would be “Was he aware that the capital...

I disagree. The question would be “Was he aware that the capital raise was confirmed, locked in and approved by the board to proceed at the time he sold the shares?”.

The difference is between “possible” and “confirmed “.

A well run company will always be watching the capital markets and determining when it’s the optimal time to raise fresh equity capital. Therefore, it is always a “possibility” that a capital raise is imminent, but never approved. Presentation packs, documentation etc for a capital raise is always sitting in the second drawer ready to pull out and activate at very short notice. This is especially the case for a company like AD8 who still require capital to grow.

The board would have approved this capital raise sometime between the share sale and the announcement. If they approved it before the share sale, then yes there are issues and the board and CEO are clueless on insider trading laws and deserve to walk and be charged. I think the latter is unlikely in my view.