RE:Sale of the Alta block without BOD approval
Unlikely to be the reason behind Colcleugh departing. BOD would likely have approved the block sale process in advance and probably put in place price parameters such as "not less than 3% below market price". Large block sales like this are routine and the institutional buyer gets a modest discount so the block can be moved without pushing down the trading price materially. So management would almost certainly have had BOD approval to proceed.