No one likes dilution including Directors. Another reason why we would prefer our BOD to hold more than they do - way more.
When they only hold minimum they are not as reluctant to finance via share issues. Share issues can be the easy option. Hopefully now they take up their options when they are due and have the silution worry like the rest.
In reality its likely the directors can see the finish line fast approaching and want in cheap while they still can. If they make big $$ then we will as well.
So its a bit of give and take.
Ann: Change of Director's Interest - H Hellewell, page-11
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