more than a little naughty imo...., page-21

Catchopper,

"We both took risks based on the same information, in the same market, and "

This comment is at the heart of my debate.

Last week a director traded just days ahead of a market sensitive announcement. At the time of his trades on 11/11 and 12/11 the director had information that was much newer than that held by the general public. He DID NOT have the SAME information, but had better information.

1. The director would have been aware of the progress of the placement which was only announced to all others on 14/11.

2. The director would have been aware of the sweetened deal regarding options which was also announced.

3. It also seems that there must have been a hole in the underwriting agreement which appeared to allow the underwriter to get off the hook, resulting in a negotiated better deal to keep it all alive.

If the director started his trade on 14/11, immediately after the market sensitive announcement, there would not be a problem as all would have had the SAME information at that point assuming that all material facts have been announced.