Estia Health's Friday morning announcement that founder and non-executive director Peter Arvanitis had spent $194,120 on 40,000 more shares is worth a quick look. Estia's board operates under a strict trading policy, which designates short windows after its results disclosures. Outside those tight periods, trading is only permitted in "exceptional circumstances" and with prior approval of the chair. Presumably "Help! Our share price is tanking!" falls under category 4.2(c) of the policy.

Yet Friday's disclosure lists "not applicable" under the relevant section for closed period trading. Sloppy stuff.