Ann: Change of Director's Interest Notice - El-Raghy, page-5

Very interesting, and very different purchasing dynamic from the last few years. Over the last couple of years AIC Directors have bought a fair amount of shares, including during the capital raising last year.

One could say that prior purchases to this time, including the capital raise, were done to support the share price. Essentially they were a vote of confidence in AIC and its prospects, or at least trying to instill some confidence which was pretty thin on the ground at the time! The on market purchases were been between 28 - 31c....very much a rock bottom SP needing support or even what felt like a lifeline at the time.

This most recent purchase seems very distinctly different at or around 40c. Why did he buy, and buy now?

Firstly he wasn't allowed to buy recently due to reporting season. (check out the share trading policy (STP) for Directors on their website)

Secondly he's not allowed to buy just prior to an announcement, specifically when he has knowledge of a resource or reserve upgrade. And here we have the well telegraphed resource upgrade coming in March. (this aspect is explicitly laid out in the STP).

Brings me to my last point and conclusion; he bought the other day simply to make money. You could argue he did this previously but i think the context is entirely different and much more positive this time around re his share purchases. The upgrade is coming, it has been clearly and 'breathtakingly' telegraphed, and he needed to give enough room/time between his purchase and the exact numbers coming out which are still unknown.
His purchase may indeed support the SP, like previously, but i don't think that's his motivation this time. In summary, he didn't need to do it to support the SP. (the only caveat on this is if the debt finance for the plant has vanished and he needs to SP up to do an imminent raise! I think this is very very unlikely)

Tells me in a VERY roundabout way that there aren't any drilling announcements about to be announced and that the resource upgrade is likely to be at the very end of March.....Also tells me he doesn't know what the resource numbers are yet.

Just my thoughts.