Some of you may not know that most quality companies only allow a short window post the quarters and annual report for Director selling, the idea being that the market is fully informed. They have a few days to lodge the sale to ASX.

So when a Director sells he or she may have been waiting some time to get out (ignoring their escrow). Many times it will be to cover a tax bill for shares they have received as part of a remuneration package (CEO for example). The ATO holds no prisoners here so unless you have a wad in the garden shed, you need to liquidate part of your holding to pay the due tax.

I'm not trying to applaud the big sale here, it doesn't look great, but being an asset rich/cash poor Director in the current environment may not be ideal.