Ann: SIV AGM CEO Presentation 29 November 2018, page-21

I respect your opinion. 

IMO a director's relationship to shares in their related companies are completely different to the retail investor's relationship with those same shares. However, I will solemnly declare here that I DO NOT have any idea why the SIV directors have been buying. But I'm looking at other data. Let's say they only ever buy for profit. Well, if you look at any of the 3Y's at the start of the year, you can quickly calculate the personal losses, which are running in the MILLIONS. Then, being millions down, they've all made purchases that have lost even more. So am I to believe that they were completely ignorant in those losses, but are now endowed with great insight for future profits?

If they were savvy investors, they would have sold before the price fall, given they knew exactly what was happening, or at least cut their losses somewhere between $8 and $1.50 and then bought back in when the price started rising, which is yet to happen. If you are thinking that they couldn't sell into weakness because it would have pushed the price down further or might have rocked investor confidence or it would have made the senior lenders suspicious or would have deterred unsub debtors, then you are confirming that the board doesn't just buy and sell for profit. My point exactly.

There may very well be profit opportunities on the horizon, but it's going to take more than a couple of 3Ys or a couple of "ifs" to convince me of that.