By the sound of it he may be in a fair bit of trouble, I don't know the exact rules but even I know it's very suss that you sell your entire holding the day after being sacked / resigning as Mangaing director of a company, he would have prior knowledge of everything you would assume.
You would have to think the ASX would not look kindly upon his actions to say the least.
Glad I'm not in his shoes.
You would have to think also , judging by his action that he was in all probability pushed rather than resigning.
Might be able to pick up an absolute bargain buy now tomorrow.
Ann: Response to ASX Price Query-MRD.AX, page-27
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