Would appreciate some guidance. What are the technicalities behind directors buying and selling large blocks same day. Also meaning of Indirectly beneficial and is brokerage paid on these large deals. Many Tks
No problem provided it is not during a closed period as defined. The transaction must be disclosed and the nature of the transaction if material to the announcement. The transaction may not be based on knowledge not generally and publicly avaiable (insider knowledge.)The date of the transaction must be disclosed in the SENS. Brokerage is a matter between the client and his agent (broker.) Briefly- "Direct" and "Indirect"s refer to shares bought in his own name vs in the name of a person or entity over which he exercises control or exerts influence at or to a prescribed level (again: to determine direct vs indirect.) Transactions designed to manipulate or specifically for the purpose of moving the share price are not legal. Transactions must be at arms-length (here it can be generally assumed that the market provides the correcting mechanism.) There is far more to know but you need to read the relevant legislation. Now for the big question: - WHY?
(Also disclosure of his interest and variation if over the prescribedlevel; and he triggers a mandatory offer to minorities requirement above 35%. BUT I trust that this is not the sort of info you are looking for...)