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

While company mandated blackout periods are important they are trumped by the laws covering inside trading, Put simply if a director has price sensitive information which the director knows or ought reasonably to know is not generally available (but which the director knows or ought reasonably to know, if it was generally available, would materially affect the price or value of the Company's securities) they must not subscribe for, purchase or sell those securities.

For instance if a company was in late stage negotiations with another entity to enter into a material contract or undertaking a meaningful pilot or trial with a third party then whilst they may be able to argue that disclosing that to the market could be commercially damaging, at the same time the Directors and anyone else with this generally unknown information would be prevented from trading in the company's securities until such time the information became generally known.

PO buying shares shows he is either very silly (which I do not for a moment think he is) or he does not have generally unknown price sensitive information.

This would suggest NOR is;
- not in the late stages (or any stage) of commercial negotiations
- not undertaking unannounced material pilots or trials of it's products
- not about to announce any deals