$DNONCE / 7114 (D'NONCE TECHNOLOGY BHD) - Super odd volume + Datuk Tho Selling out. What's going on?

Like everyone else in this thread, the events happening around DNONCE over the past few days baffled me. The volume did not make sense from the business point of view. While the company is seeing Sadao plant's new machineries / expansion finally running and commissioning for heathcare sector, DNONCE other business segments in Malaysia could be disrupted from various MCOs within the coming quarters.

Hence another possible reason for the spike in volume would be some major announcements coming - either contract wins of some sort - but the earliest announcement we got this evening, is that the CEO selling out his shares.

Thinking aloud, there are a few possible explanations (If you guys have any other thoughts and theories - do share it along). The crux of the matter is, Datuk Tho disposed 4m shares, pocketing a profit of RM1.5m from the transaction. (From publicly available info, he acquired 4m shares at roughly 0.233 avg price between Feb-Nov 2020). Honestly, the optics do not look good, but lets try to rationally explain why this happened.

1) Explanation 1: Management failing to deliver its promises to grow the company or some sort of fraud / scandal is happening.

2) Explanation 2: There's a potential change in ownership of the company - something that's not unthinkable for a PE (private equity) run company, and much of the volume of late is exchanging of hands between old and new shareholders.

[For number (2) above, We can see something similar happened in AEM $SGX-AWX (sgx), another PE run company - whom Novo Tellus, after turning around the company - distributed its AEM shares to its IPs, this lead AEM not held by a single entity who owns double digit % ownership]

If one remembers the history of DNONCE's turnaround, Blackstream Investment is the sole largest shareholder, a PE fund from Singapore. They're also the one whom appointed Datuk Tho onto the management to turn the business around from the previous owners. The sellout from Datuk Tho could indicate that there could be a change in ownership of the company; and if it really happens, his position could become untenable.

I personally think explanation 1 is unlikely the case for now. I could be wrong but I believe the management did well to turn the company around in FY 2021. If management is failing to deliver growth as promised, there's really no need to sell out but continue trying. The fraud narrative imo just don't jive well with the conservative management.

All in all, it's going to be interesting to continue and observe what will happen to DNONCE. Don't make rash decisions and stick to your trading / investment plan.

cc: @terence775 @ndt25 @andyyap1993 @jasonhow @tgku22 @Peggylian @pineforestof89