Looks bad but unfortunately the following sequence of events (for example) is perfectly legal:
Monday - results announced / director shares sold (the need to raise funds is known by the Board but no decisions have been made on timing / amount /price and so on)
Tuesday - broker comes along and says I can raise money for you at "x" cps
Wednesday - Board meets and decides to raise money / trading halt announcement follows
Ann: Change of Director's Interest Notice-NTM.AX, page-43
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