Ann: Market Update - FY2021 H2, page-8

I'm not saying that I know IRI's directors motivations for buying or selling, but legal advisers will tell directors (in general) to maintain plausible deniability, or something to that effect. It might not be a very good tactic to follow what directors do unless it is a very significant purchase, without significant analysis. You'll see every single director take a piece of a very troubled listed company (I wouldn't put IRI in that category, at this stage).

Their lawyers tell them to, if they haven't twigged by themselves. Stops a lot of civil litigation, and makes any suit virtually unwinnable, as they can say - look at my actions - proof that I thought things were OK, and everything was disclosed.

Maybe IRI's directors are wisely buying the dip with small purchases, but that is no certainty is all I am saying. Looking at page 24 of the annual report last year shows a tiny number held by directors, and adding roughly 100,000 shares still leaves a tiny number.