pre open.........., page-35

yes no idea what the current McCabe holdings are, so I assumed the worst case of zero current holdings, meaning they would need 400m shares to get 20%, that being a minimum of 16.75cents per share.

67m / 0.199 = 336.68million Market Cap

1.6b shares on issue, assume zero holdings for worst case scenario so they need 400m shares for 20% stake.

Why would the directors be willing to buy into Valad at ~16.75cents per share when they can buy them on market for <10c?

Maybe coz they don't have the cash, but IMO because they don't think they could pick up 400m shares on market this cheap, they would have to make disclosures all the way. They have a good understanding of VPG position and happy to get more of them DYOR, playing with the big boys now