I've been critical of the directors selling en masse, but I will...

I've been critical of the directors selling en masse, but I will point out that there are very defined windows where they are allowed to buy/sell on market. Whenever there's anything remotely timing based, they're simply not allowed to. When I worked for a listed company, we weren't allowed to trade the company's shares between every end of quarter and results release, as well as any time there was anything interesting happening. We never did a cap raise, so I don't know if "there's a cap raise going on" would prevent them from buying, but quite possible.