FWIW -- the last time Chris Heaslip sold shares in 2019, he ditched 12m (over 40% of his holding) shares at a price of NZ$3.70 (pre-split), which equates to 87c on an adjusted basis at the current exchange rate.

Just worth pointing out that big insider selling isnt always the portent of doom that most usually expect. That decision to sell cost Chris over $12 million in forgone capital gains.

As far as I'm concerned, based on the most recent results, the PE has dropped today to around 24.

Using PE as a basis, when is this type of company considered a bargain?

Hi guys, what are your thoughts on the latest sell down by Justine Smyth (recently resigned as director)? https://www.asx.com.au/asxpdf/20200901/pdf/44m706b3wdxyyy.pdf 

The brothers are IMO simply playing their role, as major holders, by facilitating the further shoring up of the Register. Everything is part of a master plan. Simply look at the changes in the Top 20 released 6 May. Chris Heaslip's shares were disposed of by Dec 19. The volumes and trading patterns since have indicated 'wiling Seller/ willing Buyer'. Look at the substantial shareholder announcements released this evening - scroll down for the transaction summaries. This Company leaves little to chance.

The Company has signalled further acquisitions. The next one will, in all likelihood, be funded via a CR and the 'new look' Register is in line to support. 
 

The sell down is a positive, not a negative.

Rob W