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Mad there can be a number of reasons for why he hasn't bought openly.

1. He has only just returned to the board so couldn't disclose purchases even if he wanted to.

2. Like I said, he could have bought on his wife's name. Why? Who knows. Maybe they have a prenup and she wants some in her name. Pick a reason there are so many.

3. Maybe he's out of cash. Do you really expect him to spend every last penny on TZ shares. Maybe he's buying a yacht this XMAS and feels that he can't buy the yacht he wants AND buy a load of shares to appease us.

4. On that last point, maybe he thinks, "why the hell appease those few nervous shareholders who need to have an arm put around them. If they don't have faith, screw them"

5. Maybe he wants to buy cheaply and doesn't want to drive up the SP. Hence hidden buying. What would have happened if AS spent all of his piggybank in 1 go? Yes it would have driven the SP up to such a degree that others within management would have got really pissed off.

There are a myriad of possible reasons. Its not black and white as simply saying 'a director is not buying so its bad news'.
We even had some fool the other day claiming that AS buying was like a captain wishing to go down with a sinking ship.

There positives in AS, JF buying far outweigh any possible negative from not knowing if CK bought