Recent events, page-8

Your source is still likely breaking the law if he is giving you unpublished price sensitive or information, even if it is in a nod and a wink kind of way. If that information has come from an insider (a director in your own words) then that makes him a “knowing tipper” which is, and of itself illegal. You, being in receipt of the information, are a “knowing tippee”. Which is NOT in and of itself, illegal. However, if you have acted on the information, you have committed an offence. And, I doubt if the flimsy anonymity of HC will protect you, your friend, or the Director involved if ASIC decide to get their teeth into you.