TAH-ATTN: TAH SHAREHOLDERS, URGENT.

This is the email I sent to TAH investor relations yesterday. Still no reply. If you are a TAH shareholder please copy and send this message in your own email. I put my name and contact phone number on mine. The email address is [email protected]. All the best.
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Our exalted leader and chief (not for long of course), MR. Ian Ross Wilson has been very busy in the stock market in the last few days. He has exercised a total of 2,694,500 employee options and sold them on market for a consideration of $34,173,370 - not small potatoes by any standards.

The exercise price was of the options was $10.18 giving him a gross capital gain of $6,736,250 based upon his average selling price of $12.68. Not a bad little earner! By exercising and selling these options before the stock goes ex-dividend, Mr. Wilson will be taxed at a rate of 24.25% on the capital gains of the 32 cent dividend (by claiming the 50% capital gains tax exemption) . If he were to wait and receive the dividend, he would be liable to pay tax on the dividend at his marginal tax rate, which I assume to be 48.5% given his (modest) income from this transaction. I estimate the tax saving to Mr. Wilson by employing this strategy to be $209,093. Mr. Wilson's financial advisor gets a gold star!

Another director, Mr. David John Simpson has also been quite active in recent times. On the 30th of August he reduced his TAH holdings from 500,000 ordinary shares to a mere 50,000 ordinary shares, receiving a consideration of $5,688,292.

As as an owner of Tabcorp shares this obviously concerns me. The heavy selling of the Directors' stock from major brokerage houses such as Merrill Lynch, and JB Were caused the stock to fall from strong trading over $13 to as low as $12.45, closing at $12.80 by the time it went ex-dividend. I believe that the heavy selling from these two employees of the company caused the value of Tabcorp to fluctuate dramatically in the last week of August by as much as $200M and wiped approximately $75M off the market value of the company. The trading on Friday the 30th of August was extremely volatile and unusual.

Should I, and other Tabcorp shareholders be concerned about these share sales and the manner in which they were conducted. Surely an institutional book build would have been a better option than selling these shares on market? Surely if Mr. Wilson and Mr. Simpson were confident in the health, ongoing profitability and share price growth of our company, they would not be so desperately selling down their respective holdings? How confident then should I be?

What's going on??

Please forward this email to the respective directors. Thank you.
Sincerely,

(PS. Mr Wilson, don't let the door ...... on the way out.)