Hi plough
If it was a 'one-off' sale of 3% of their holding, then I would think that it was insignificant. If there was continued selling or buying (totalling more than 20% of their holding) then it would be something that could change my opinion of a company (it has in the recent past - 'ICG' is an example). But there are many occasions when Directors of companies buy and sell and it means 'nothing'.
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