conditions precedent, page-102

blowhole,

"what's stopping the directors from buying now"

Could be any of the following reasons and maybe others I haven't thought of,

1. They think that a September price of 18c+ is a definite reality and they are saving their cash for then
2. They don't have any spare money at present to buy at today's prices
3. They do have money but as a group they don't want to send a signal to the market that if they buy now, they don't think the September options will be taken up
4. They want to buy now but think they can get the shares cheaper
5. They are buying VOR shares (I threw that one in for humour)