It may have already been pointed out, but I would also suggest that this issue of deferred consideration shares would explain why the directors have not been buying shares on market.
Would you be purchasing shares if you knew that you would in all likelihood be receiving a fresh issue of shares on completion of company milestones? Their motivation would have been signing new deals.
The directors would have been working their butts off to make sure that commercial deals were being signed off in order to achieve the designated milestones!!!
It may have already been pointed out, but I would also suggest...
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