If you consider the announcement, he sold 490,000 shares raising...

If you consider the announcement, he sold 490,000 shares raising $217,000 in the process. This could have been for any number of reasons including cashing in, little confidence of it going over $1.00, etc. It could also be a lifestyle choice, an income crystalisation choice, or even that there is a tax assessment to be paid. It is not unusual for directors to sell a portion of their holdings from time to time in order to pay their tax assessments. Now would be about the time that most (payment, not refund) assessments are issuing.

Equally, what's left?

There are 235 Convertible Notes on issue (unlisted) which, if converted (likely, in due course) would result in a further 11.75M shares being issued.

Then there are the Loyalty Options. Hackett holds 2,274,533 of these.

Now, for example, if he sold in order to take up some of his Loyalty Options, then the shares sold could net him 868,000 new shares. Possible. By March 31, we should know.