Ann: Appendix 3Y - Change of Director's Interest Notice, page-5

I totally agree that insider buying I think is a good sign.

However, if there were active takeover discussions that were not released to the public, I am not sure a Director would be able to buy shares with that sort of privileged information. For example, there could be canvassing by potential bidders doing due diligence on TWE which they may not need to release to the market yet, but the Directors would be aware of it - and it would have a material impact on the share price. Even if the acquisition of shares via the Appendix 3Y is publicly disclosed, I would assume that a reasonable person could see it as 'trading on insider information'. The Australian Institute of Company Director's provides guidance on insider trading for Directors, including:

"• Inside information – This is information not generally available and, if it were so, a reasonable person would expect it to have a material effect on the price or value of financial products (s 1042A)."

So in reality this perhaps means there is no active takeovers, bids being solicited, etc. Though no surprises there, as any takeover would be hostile. And yes we saw Crown get +19% on their first bid; Coca-Cola Amatil is another comparison and I think that started around 25% but ended up being about 30% premium from their share price at the beginning of negotiations. I would personally be dissapointed if that's all TWE got from the current price, but it does set a floor in my opinion. At $11, as the Director's know, there's still good value in TWE.