Calls to change ASX trading rules after DroneShield share crash | The Business | ABC NEWS скачать в хорошем качестве

Calls to change ASX trading rules after DroneShield share crash | The Business | ABC NEWS

After running a dizzying rally this year, DroneShield saw its stock plunge by more than 30 per cent in a day on November 13. The sell-off came after the news the chief executive Oleg Vornik, chair Peter James and director Jethro Marks offloaded all of their shares in the counter drone technology company. The company announced the share sales on November 12 after a previous announcement on November 5, that Oleg Vornik, Peter James and Jethro Marks had received performance share options, triggered by the company achieving milestone of $200 million in cash receipts over a 12-month rolling period. They converted the majority of their performance options to ordinary shares, then sold them between November 6 and November 12. Experts say sales like this can affect investor confidence. International corporate governance and sustainability expert Thomas Clarke says there are no rules against it but he thinks there "should be a window to prevent directors selling out the bulk of their shares or a very large proportion of their shares so soon after an announcement." Investors also are calling for changes to regulations. DroneShield told the market, the share sales by the CEO and others were unrelated to the growth trajectory of the company, which it said remains strong, as highlighted in the recent quarterly market update. Directors also retain a stake in the company through vested options, but CEO Oleg Vornik holds less than 200,000 vested share options out of the 15 million he was awarded. DroneShield shares have surged more than 200 per cent this year. The share price picked up nearly 12 per cent on Monday. ABC contacted Peter James and Jethro Marks through DroneShield and Oleg Vornik for comment. #ABCBusiness Subscribe: http://ab.co/1svxLVE ABC NEWS provides around the clock coverage of news events as they break in Australia and abroad. It's news when you want it, from Australia's most trusted news organisation. For more from ABC NEWS, click here: https://ab.co/2kxYCZY Watch more ABC NEWS content ad-free on ABC iview: https://ab.co/2OB7Mk1 Go deeper on our ABC NEWS In-depth channel: https://ab.co/2lNeBn2 Like ABC NEWS on Facebook:   / abcnews.au   Follow ABC NEWS on Instagram:   / abcnews_au   Follow ABC NEWS on X (Twitter):   / abcnews   Note: In most cases, our captions are auto-generated. #ABCNEWS #ABCNEWSAustralia