Ann: Appendix 3Y - Guido Arnout, page-180

There's too many clues as to what he's done and why.
first and foremost the number of shares he's left with is a tidy round number of 8M, this is similar to most holders here who have say 1.5m or 6m or 3m or 1.75m these are figures that have been formed by accumulation and represent figures that holders like to try and target for psychological reasons. I would also subscribe to the theory that the number 8 is the lucky number for the Chinese crowd.
Second on the list is the blackout period of 2 weeks, The trades have occurred on the Friday before the long weekend so as not to impede on any surprise Ann's which could occur once the team are in strategic talks over in Belgium. We are all faithfully confident that an outcome to those talks will be presented to market on or near the middle of October if there is a clear pathway that has been reached with IMEC. I think the consensus is that this is a very clear opportunity given the ongoing positive metrics we are seeing with PL4.
Third breadcrumb is the exercising of options to bolster the directors holdings in the event of a takeover and subsequent cash injection which gives the directors ample room for movement if in the case of legal expenses that might start to stack up when the T/O starts to materialise. This is a small board of directors and a small number of employees , the majority of shareholders are retail and this can make the board more defensive in their approach to a decision around the sale of their chip. So this is a defensive move and shouldn't be viewed as an outright selloff from the directors because that hasn't happened, you want to see that it would be 10s of millions of shares being dumped at a time.
one final point to make is that this gives retail one final chance to scoop them up here when the market reopens Monday or Tuesday ? public holiday notwithstanding , as there will be weak hands that can't stand the thought of it dumping to 10-11c but really that is great for us sharks to collect them right at the baseline before things really start to get interesting.