Ann: PharmAust Raises $2.5m via Placement, page-48

I might dare suggest that anyone wanting to off-load large volumes of shares before the options get well in the money is more of a dreamer than me!
These new investors (and likely some existing / SOFs) know this as they would have looked at the volumes traded.
I had a chuckle at the crack at Roger when he has more to lose than most on this forum being No 3 on the registry. Same with Longbow Croft (No 5) and Straight lines (No 9)

One would think they very much have their own investment interests in mind when going to dilute - hence this is a pretty minimal CR.
I also think the board member's request for approval to buy shares is to demonstrate they have confidence in PAA to the market, rather than anything untoward.

The deal needed to be sweet if you want reasonably sizable money fast and it was sweet enough to achieve that.

Anyway, ... Life is like that and I will support them buying.