I think the share Price must have reflected his desire to halve...

I think the share Price must have reflected his desire to halve his exposure , however had he been upfront in this process I think the market would have better understood and I am not convinced that his view of value is the same as that of an investor - I remember SHV when an ex director kept selling down and look at what happened after the overhang disappeared.

I still think its a good company and when this is all moved onto investors who want to be invested it will pick up.