directors selling shares

It was my understanding that directors could not sell shares, unless it was within a certain period of time after an annual report etc

This is the trading window

otherwise given the information that the directors have about the company this is really insider trading

Now a couple of issues

1. Margin selling
irrespective of what the banks/margin lenders say then the directors can still not sell shares. Otherwise, if the company was going bankrupt then the directors would margin up all their shares to the max, and then be "forced to sell the shares by the margin provider".

2. Takeover of company. RAML owned the shares, and Fell/Cooper etc owned RAML. Now they sell RAML, and hence they sell the shares. The net result is that directors are selling here. Great, most directors would hold shares in their company via another company (for tax reasons), hence hey why not just have another company buy out the privately owned company, and hence the directors sell shares.

I will write to the ASX to clarify these issues

ij