never their shout, page-17

Possibly.

This hasn't shown up yet, as far as I know, in the records that I look at. I've had trouble deciphering the one that you reproduced. For instance, are they exercised employee options that had nearly reached expiry date or what?. Also what he will do with them hasn't been demonstrated yet. That is, will he sell them or keep them?

Apart from that, I have distinguished in this strand of the argument between Bob McNeil and Denis O'Neills' actions, and those of Edwards + Newman.

Macmin is Bob McNeil's baby. He and O'Neill have helped keep the company afloat by buying during some dark times.
Bob McNeil gets howls of protest when he sells any shares, and it would be a definite negative signal to the market, if he did so recently.
As to O'Neill, it might be loyalty or belief in the project, I dont know. It's not just shareholders who can act irrationally.
I'd argue that they're pretty trapped with the shares they have. Selling would be counter-productive.
However, if Denis O'Neill bought 325k shares in February, I admit it would be interesting to know the circumstance.

This leaves unanswered the question as to why the CEO and the Project Mgr dont keep their shares. Except what you suggest - that they might be less stupid.
I think it's probably that they are less trapped in their positions and dont have the commitment or the belief in the project.