Dear M. Block,
Are you sure that was Hembruff's only transaction? According to my information:
Jun 17--positive press release
Jun 22--he sold 2350 sh at 3.02/sh, closing out his position.
Aug 9--positive press release
Aug 16--he exercised options to buy 5000 shares at 2.00.
Aug 18--he and Juanita Hembruff sold 500 at 3.40, closing out her interest.
Aug 20--Ratnavale's resignation and replacement as CFO announced
Aug. 20--Hembruff sold 3200 at 3.39.
Aug. 23--he sold 1800 at 3.40,
once again closing out his shareholding and that of his exercisable options (my information on exercisable options comes from the information circular which should be accurate unless it's dated.)
As I said, his shareholding in the company was small, so why liquidate it? I must commend him on his good market timing, though, as all sales were done above today's closing price.
In your opinion, would selling a stock one assessed to be over-valued to lock in profits count as a personal reason? Could the reasons for selling one's personal shares be anything other than personal?
And while I'm asking questions, why exactly did Ratnavale resign? Dare I hazard a guess... personal reasons?
One transaction of about 2500 shares? "A non-event", you say? Looks to me more like a series of "non-events".
Don't get me wrong... I'm not saying the company is over-valued. People, when informed, can draw their own conclusions, as I'm sure Hembruff himself did.
Mike |
