Mr Lizard is a company director of FoneMe Ltd, which is a very large public company providing internet services to over 4 million subscribers. He attends a meeting of the Board of Directors and they decide that they should takeover a smaller startup company called MaKeIt Ltd. This means they will be buying up the shares in MaKeIt Ltd which usually means the share price in the target company will rise in value. Lizard decides this is an opportunity too good to pass up. So he leaves the Board meeting and buys 200,000 shares in MaKeIt Ltd before the decision of the Board is made available to the public. He makes a nice profit of over $500,000 and rejects any criticism from the share sellers as "luck of the market". Using the IRAC format, explain whether this is permissable share trading. Your answer must include relevant legislation and decided cases.