This facility is likely to be capped to $0.5-$1.0M (20-40% LVR...

This facility is likely to be capped to $0.5-$1.0M (20-40% LVR of the shares). There is no way HSBC are giving him a higher LVR than 40% on MAY shares. I suspect it is more likely 0.5M. I'd suggest that the liquidity isn't just to acquire more shares because he thinks they are a bargain (and he lacks the liquidity) it would seem far more likely that the "other things" dominates the use of the funds. You'd suspect something like tax debts or large consumer goods (boats etc). That said and at the risk of sending our strong contingent of pearl clutcher shareholders off the deep end it could be in preparation for a potential placement / raise (always looks good to have directors take up their allotments). This 0.5M figure seems far more likely to fit with something like that than just a naked long purchase of shares (particularly) when he has such a large holding already.

I would lean more towards this being a personal piggy bank / tax debt clearance facility than anything material in terms of buying new shares and that whilst presumably for disclosure reasons he will have buy some shares it may be that these are directors shares that form some part of a future placement / raise.

If he buys early (and small) to satisfy the "to buy shares" part of the announcement then that reduces the likelihood of it being raise / placement related. The longer it takes for him to buy the shares the more I think it potentially plays into that theory. But I suspect the bulk of the facility is for personal expenditure outside MAY shares (i.e "amongst other things" should carry the most weight in the announcement).