This action causes the share price to drop (as I write) 5.48p, thereby wiping £1,274,248 off his remaining holding of 23,252,712 shares.
For a supposedly clever man that strikes me as a remarkably stupid thing to do.
Also, of course, Chandratillake and Lynch selling sends an appalling message to the large holders who have either just got in or upped their stake. What kind of message does it send to Standard Life - who have just increased their holding in Blinxk to 9% - that Lynch and Chandratillake are selling shares because they think the price looks toppy?
And what message does it send to Citi, who have just upped their price target to 100p? That they're wrong? What is that going to do for Blinkx's relations with the City (and Citi)?
All we've heard from Chandratillake since the company floated is what a bright future it has - yet as soon as it looks like achieving that bright future he does this and kills the enthusiasm stone dead.
Just when I thought I was wrong about Chandratillake on this blog he pulls this shit.
Congratulations, Suranga, you just tanked the share price!
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