Ann: Ceasing to be a substantial holder from PTM, page-22

Dear Dr Bradd

Its my understanding that CEO and other top exectutives and company employees are from time to time expected to know of large amounts of price sensitive information which may often not be released to the market as soon as they are known and this may happen for a number of comercially sensitive reasons, the one thing that is stictly controlled however is that the management are not allowed to list shares for buying or selling during times that they are in position of knowing the sensitive infomation.
Keeping in mind with that last statement that both CW and PH both purchased shares (perhaps while they were still free to do so) in mid December last year.
fp