LRS General Discussion, page-19285

If the directors had built their shareholding by buying shares on market there's no way they would have recommended this offer.

They would be sitting on a far smaller profit and wouldn't be so willing to let a once in a lifetime opportunity to build a world class lithium mine slip through their fingers.

Instead, they've gifted themselves shares for nothing along the way and are sitting on total profit with their shareholdings. Much easier to sell in those circumstances and then let someone else with deeper pockets do all the work to improve their profit on freebie LRS shares even further.