Hi Secondtolast,

Really not certain how to reply to your question:

"Could you comment on the recent sale of shares by your director?"

I did not know that HPQ directors were my property...

HPQ directors are individual with different strengths that they bring to the table.

One of the remuneration tool used to attract individuals to join a board is granting them options to buy shares at a set price over a long period of time. 

We have done in the past, but we are presently unable to issue new options because of a loan covenant dictated by IQ, and now we have a series of these options expiring in September of this year, that are in the money.

The good thing about options is that sometimes you can buy shares cheaper than they trade on the market.  The counter side to that is that exercising options triggers significant tax implications, that is why often people exercising options have to sell half or more of these shares just to cover tax liabilities.

Investors should not try to read to much into the fact that an insider is selling, often there are thousands of reasons not related to HPQ that forces a director to sell.

Hope this helps.

Regards

Bernard