I have just spoken with the takeover panel concerning why Rybak did not disclose his trades. It seems that the takeover panel had to force him to disclose as he was not forthcoming in doing so. They applied pressure and he eventually relented. One of Rybak's excuses for not disclosing was that he didn't know he had to disclose! The takeover panel will be taking no further action against Rybak for breaching the rules of discloser. The takeover panel ascertained that it was Mr Rybak who was selling a couple of days before they announced that the selling had occurred by RNS. Despite Mr Rybak's breach it still didn't stop him from selling another 500,000 shares on the very day of the 8.3 announcement. I spoke to Mr David Burford who spoke personally with Rybak about this matter.
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