Basically, three of the directors have each roughly exercised half their June 11 options with a strike price of $0.30-5 and held onto the stock. And sold the other half of the options to an insto.
The net effect is the directors are all holding MORE shares then they previously were and have more $ in their pockets. My guess is they've sold options to fund the exercising of the stock, which is fair enough. They must be pretty positive about the near term future to want to hold more stock! They could've sold all their options if they were bearish.
The share price has fallen over the past two days as whoever bought the options from the directors has exercised it and gone and made a quick buck by dumping the stock on the market.
The conclusion from all this is it tends to indicate the drilling and JORC upgrade will be really positive and imminent, but not out of this world. If it was going to be out of this world, the directors would've exercised and held all the stock, or not exercised it at all. On another hand, maybe the directors just needed some cash, who knows.
I think these directors are very savvy with their timing. They've tried to minimise the effect on the SP by choosing the period when the price is high and index funds are buying due to the move into the ASX200. Also, having more stock out there will only encourage more instos to buy.
All this tells me a steady flow of news is imminent. And at $1.60, this is ridiculously cheap for the long term. The selling has finished now, it's time to accumulate again.
GRY Price at posting:
$1.61 Sentiment: Buy Disclosure: Held
