If I was doing a hostile takeover, of course you do not want your target to know. Don't get me wrong, there can only be winners and losers, someone have to lose in order for others to be winners.
I would start worrying if the other two non-exe directors also file in sales of stocks (which are not triggered by a loan). One is an CPA accountant, and the other sits on the board for Macquarie Media Group.
Regards
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