If the board came out with information that suggested that the sale was somehow independent of the current events -
For example:
Forced by a 3rd party (eg margin lender not privy to NAB information)
or that it was preplanned in advance (eg an application to sell was lodged a significant time period prior to the sale, which the board then approved)
then this would all have appeared in a much better light.
As it is, saying that the board approved the sale just makes it look worse - the suggestion can then be made that the whole board is potentially involved. The sums involved are not trivial either.
Surely someone should have thought "gee this may not look so good to the public!". Maybe they dont care?
Regardless of the outcome and reasoning behind the sale it comes across to me as a very arrogant event.
J.
NAB Price at posting:
$20.55 Sentiment: ST Sell Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)