In another company that I held a director selling shares...

In another company that I held a director selling shares certainly did send everyone scrambling for the exit - but I am virtually certain that that doesn't have to be the result of directors selling because I inquired at that time of the ASX announcement office if it would have been permissible for that director to have sent an explanatory statement - why he was selling - that it was for purely personal financial purposes for instance as he claimed and that his selling had nothing to do with the fundamentals of the company and I was assured by the ASX that making that sort of statement would have been okay with them.

So the lack of such an explanatory statement I'd see as reckless but accompany your notice that you have to send your (Appendix 3Y) relating to director change of position with an explanatory statement (that you aren't obliged to send but are allowed to send) and I think you can take your shareholders with you. Its possible. Its just that some directors of some ASX companies are jerks and don't do what they could. And I am definitely NOT talking about the CYP directors when I say some of some ASX companies.