ADN 3.95% 18.3¢ andromeda metals limited

apparent selling by director brown

  1. 1,296 Posts.
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    There has been quite a bit of discussion on this.

    I thank "theloft" who, in a detailed post at 18.4 on 21/12/09, explained that whilst Director Brown disposed of a certain number of his shares in ADN, he did not receive any financial benefit. If this is the case then, taken at face value, he did not sell the 306,607 shares but simply gave them to a third parties.

    On this basis I assume that the difference between the disposal and acqusition costs of $92,982 represents the value of the shares given to third parties.

    My comments relating to the innapropriate timing of the transfer still stand as any sale or disposal of shares by a Director of a public company comes under scrutiny by shareholders. It is best done when shareholders are not enthusiastically waiting for imminent results.

    Again, I thank theloft for clarrifying the issue.

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