According to AIM regulations, when should directors refrain from trading shares?

Directors should refrain from trading shares near the release of financial results due to the potential for insider trading. This period is often referred to as a 'close period.' In such times, directors and other insiders may have access to non-public financial information, and trading on this information can be deemed unfair to other investors who do not have access to the same insights. By avoiding trading during these critical periods, directors help maintain the integrity of the market and ensure compliance with regulations designed to promote fairness and transparency.

The option regarding holidays does not represent a specific regulatory guideline, while the suggestion to refrain from trading during annual audits is ambiguous since audits relate more to the verification of financial statements rather than trading activities. Lastly, being advised by shareholders does not constitute a formal regulatory requirement; directors must follow established guidelines regarding material information and trading practices independently of shareholder opinions.