Sid is a director of two listed public companies in which he has substantial shareholdings: Trend plc and Umber plc. The annual reports of both Trend plc and Umber plc have just been drawn up although not yet disclosed. They show that Trend plc has made a surprisingly big loss and that Umber plc has made an equally surprising big profit. On the basis of this information Sid sold his shares in Trend plc and bought shares in Umber plc. He also advised his brother to buy shares in Umber plc.Vic who is also a shareholder in both companies sold a significant number of shares in Umber plc only the day before its annual report was published.Required:

(a) Analyse the above scenario from the perspective of the law relating to insider dealing; (8 marks)