RE: Interim results due 19th Jan.20 Jan 2022 13:16
They cannot sell it to the company at that high a price. That would be destroying shareholders value when it was clearly overvalued. They used the free market to sell their shares to people who did not do enough DD on the company, nothing wrong with that.
Here's the RNS: https://www.lse.co.uk/rns/BOTB/primarybid-offer-s96fugwewqlk23k.html
> As a result, pursuant to a number of investor meetings and indications of strong demand for the Company's shares, from both existing and new institutional investors, the Selling Directors have decided to release a portion of their shareholdings in order to satisfy this demand, broaden the Company's shareholder base and improve liquidity
The wording here is hilarious though. Here's a translation:
> Our shares are severely overvalued and we need to dump them as fast as possible before retail investors realise they are massively overpaying.
But this just means that you cannot ever trust what directors are saying obviously and have to read between the lines in all RNS's.
Especially on AIM exchange where it's the wild west.
I would have done the exact same thing if I was a director. If you don't do your DD then you don't deserve gains.