Take 5 minutes and have a look back through the annoucements....

Take 5 minutes and have a look back through the annoucements. Tony Leibowitz has been buying on market regularly over the last 3 years.

You're missing the point though, the whole "they can sell for a x amount of profit" thesis is a moot point because they don't sell. Take a look back at the announcements, there have been no director disposals in the last 3 years with the exception of option expiries.

I'll never begrudge directors buying in on captial raises, even if it is at a discount. It shows commitment and belief in the company particularly when, like this team, they don't sell those shares and keep accumulating. In my opinion it's the "sophisicated" investors, funds and lead managers that are the ones likely to dump shares on market for a quick buck.

That's my 2 cents anyway.

Cheers,

DMac