There's no pay rise. They get shares instead of salary at 1.35c...

There's no pay rise. They get shares instead of salary at 1.35c yet anyone can buy on market right now for 1.2c because this is the worst performing stock in the sector as a result of extremely poor investor communications and no announced contract wins for more than five months.

So there's two ways of looking at this. The negative is that they are clearly taking advantage of the poor share price performance and rather than taking a pay cut and/or buying shares on the market, getting lots of shares off-market near all-time lows. The positive is that if they thought the share price was going much lower and/or not going higher in the medium term there's no way any of them would be doing this!

I am very surprised directors/management aren't buying on market as well as this measure. Other ASX listed companies in the sector with far weaker balance sheets (net debt and no tangible net equity) than WSI are performing better because they are updating the market and/or still winning some work. I think they will start to win work in the coming months but clearly the market is very doubtful.