why does director keep selling?, page-28

Pirra96

I have the utmost respect for you, both in terms of your experience and wisdom, which are way beyond my years.

I certainly appeciate your kind offer to correspond but I feel there is nothing that cannot be discussed on an open forum.

Correct me if I am wrong(as I am only going by ASX announcements and I am still a novice), but this director has never acquired shares out of his own pocket.

The way I read things is that this director only acquired stock from the exercise of company gifted options.

And he only exercised/financed those company gifted options (3,000,000) from the immediate sale of the very stock options exercised (selling of 340,173 shares). Just how the company let him exersise those options, effectively on credit, to me somewhat stinks. If not illegal then it certainly is not ethical and would invoke certain conflicts of interest not least breach corporate governance standards or duties.


See ASX announcement dated 6 June 2008 for the facts.

"The nature of change is stated as: EXERCISE OF OPTIONS AND ON-MARKET TRADE TO FUND OPTION CONVERSIONS."



So together with these recent sales, this director has shown a long term trait of selling out. Therefore I feel vindicated about my earlier post.

I thus had no trust left in this director and had to protect my small capital outlay.

I wish the best of luck to all with their investments.

Regards
Mitch