Rod says he loves the scented candles and the missus loves the creams and potion - so much so I buy the company
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He probably had some house alterations to pay for - seems to be quite common amongst CEO's of high growth companies :p
That's a heck of a lot of money to take out and a lot of shares to put back in to the public float. The sell down seems carefully planned, well orchestrated, unannounced, complicit, but is it well timed - of course it is, insiders will always know the best time to take profits? A few of the heavy's decided now's a good time to cash in. Why?
I assume they only have a limited window of time they can trade shares as insiders - haven't got time to look up the rules, but most likely can't trade in the months leading up to result announcements etc. I suspect there was a trading window and they decided to take it. From what I can tell most (if not all) traded off market.
I suggest shareholders and users of Xero read Jenny Ruth´s Weekend Review in the NBR this weekend, as well as Rodney Hide´s column from early November.
Xero and Rod Drury have some serious answering to do rather than run and hide.
Can you paraphrase for us cheapos please Iceman?
In very few words, a business woman had her company's financial records handed to IRD by Xero. When she asked them about it, they lied to her and denied it. They did not ask IRD to produce a warrant.
Her crime ? Her husband (not involved in her business) was being investigated by IRD. Xero and Drury have avoided answering questions from NBR. This is a bad look for Xero
Then NBR reports results of a poll today saying 78% of people polled thought a court order should be produced before information is handed over to officials and 84% say they should be advised when their information is handed over.
What people think for a poll and what the law is are 2 different things.
But I thought a court order was required.
Was it Westpac who got a smack for that recently with the police?
http://www.whaleoil.co.nz/2015/12/nz...in-unanswered/
There is a response from Rod to this article on the Whale Oil Blog. I must admit that I haven't really followed this with any real interest. I'm glad that Rod hasn't made too much of an attempt to answer every desperate question thrown his way. That would indicate trouble to me. I would like to think that they are confident in their stance and this would be backed by legal advice taken at the time.