Ann: Half Yearly Report and Accounts , page-14

Mce was up 8% before the director selling announcement was released to market it then slipped to be about 6% up but closed up near day highs. Oil prices have ticked higher and sentiment appears to have improved just check the Dow Dax and even Chinese and Japan indexes have rebounded strongly recently. This means squat to Mce unless you believe that 30% of that $700m quote book will be certain to be converted to orders soon. Current order book sits at $120m. Once the orders tick up and they reach nameplate, margins will improve dramatically. Not so long ago some commentators suggested another capital raising was coming. That hasn't happened and doesn't look likely. Cashflow was $4.8m for the half not flash but better than the -$6.2m vs prior period. Capex was about 12m less than half the prior period. There appears to be improvements if you look beneath the headline figures they have invested in the future with Henderson not made some crazy acquisition an squandered cash. What we see here maybe just a relief rally. Director selling is irrelevant. There is a window they can sell shares and you don't know what their reasons for selling are. It maybe to cover tax liabilities or whatever their personal finances dictate. Note - annual report 2011 states Paul Wrights total salary dropped from over $367k in 2010 as Cfo to $134k in 2011 as non exec director. If my salary dropped 2/3s I would sell some shares too. Plus he still holds 1.2 m shares.