We all have our reasons for buying & selling but I don't see why he would sell now. Other than free issued shares over the years, any participation in former capital raisings would have him now selling at a loss. (or close to it.)
The last SPP was done in 2014 @ 2.7c with a 5c excise price. These would have lapsed.
The one before that was Nov 2013 @ 10c and was partially underwritten by directors including yourself Warrand.
It's been a rough few years
IEC Intra Energy, page-87
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