Unfortunately disclosure seems to be optional, as my recent correspondence with ASIC confirms. The dates, price and number of shares sold by the MD, without disclosure, is freely avaialble for all to see. Simply put, as recorded in appendix 3y notice, he sold 130,000 shares while in possession of information not disclosed to shareholders or the market, and likely to have a material effect on the share price.
Just how material was demonstrated when the issue was announced a few days later and the price dropped to the issue price of $20.
It does not get much clearer than that, but ASIC declined to take any action. Draw your own conclusion, but its buyer beware, its a jungle out there, and you won't get any protection from the market police.
Mr Fahour's action saved him in the vicinity of $600,000. One wonders who bought those shares? And how they felt a week later.
