Bastions of Corporate Governance
“Directors Martin Kemp and David Ryan also sold down their holdings, According to shareholder notices lodged with the ASX. Mr. Kemp, who is chief executive of ABC Learning’s Australia and New Zealand division, sold two million shares Friday at A$3.75 — before the company released its results late Monday, which triggered Tuesday’s share-price plunge.”
[Shares are now $2.14]
The plain stupidity of it all is fascinating. Australian companies only have to report every half-year not every quarter like American companies. And it’s now two full months after those results.
As the CEO, you would have to be nearly certain that the half would be fucked by November, so why not sell then?
