let's stick to the facts. US guys entry at a lower price is...

let's stick to the facts. US guys entry at a lower price is pure speculation, so let's let that go for the purpose of rational conversation.
I would say the other directors are not participating, an assumption, but I think you would agree that we would have heard confirmation by now if they were.
Let's agree that Management are not participating. Now you can stop asking the question ad-nauseam.

Rational conversation over.

There you go folks, directly from the mouth of "the inside", Senior Management are not taking up their entitlement. Further more, Senior Management would like to thank Mr. Bullrush for holding them to account on behalf of all share holders.

What if the sophisticated investors on the registry said
"we'll support the raise but only if management DON'T take up their entitlement, so we can have more at such a generous discount"
Stranger things have happened. Better go now, Andy and I are off to the pub to talk about how to help Mr BR through these challenging times as a long term non holder. Night Folks