Ann: Change of Director's Interest Notice , page-6

He must repay the loan.....

"Until repayment of the loan in full, Loan Plan Participants have no right to have the Loan Plan Shares transferred to them.

In the event that the Loan Plan Participant leaves within 3 years (or any other period determined by the Board), the loan must be repaid and interest will be charged equal to the market rate of interest that would have accrued on the loan from the date of advance of the fund to the repayment date "

So he's effectively borrowing the shares and will have to pay AMX for them later.

Obviously , he wouldn't want to do this if he thought the shares were likely to decrease in value from 31.5c.