When in possession of material news, Directors and MDs are...

When in possession of material news, Directors and MDs are strictly forbidden from purchasingor selling shares. The penalty for insider trading is extremely hefty fines, loss of shares, and/or imprisonment.

There would be a very clear paper/email trail left behind. CC is on the JORC Board of Governance and would be booted, as well as being kicked out of the Society of Geologists and would never work again. Period. So for the piddly amount of shares he bought, and potential profit, I think it's idiotic and defamatory to call insider trading here. I seriously, seriously doubt he would impinge his reputation and possibly go to jail. Whether you like the deal or not, your intellect is in serious question to think someone would do this in such a high profile merger.

This transaction was probably Board to Board. CC and Peter Ironside would not have been aware of it when the deal was done.