Pinned straw:
@edgescape, I've heard it said that amateurs open the market and professionals close the market.
If this is true, it might account for enthusiasm in the morning driving prices up only to fall later in the day as jaded pros trim.
None of this should impact longer term holders.
However, the Founder effectively exiting 40% of his position after today's close might dampen the enthusiasm of even the earliest of birds flocking to this stock tomorrow morning.
Announcement here - https://www.marketindex.com.au/asx/pwh/announcements/change-of-directors-interest-notice-kees-weel-2A1572559
Not sure exactly how to read this, but "Kees Weel has renounced his interest in the" Trust that held 6.7m shares (40% of his total holding).
Seems he received no compensation for this despite forgoing a share of $54m in the process?
Kees was formerly " a director and shareholder of the trustee and a beneficiary of the KPW Holdings Trust".
This sort of thing might make sense if it was part of a divorce, family distribution (outside a will) or some other business / partnership settlement.
Would be nice to know why this happened or some sort of context but that's not required information for the ASX filing and comms has not been PWH's strong suit, especially when delivering bad news in recent times...
Disc: Held