You could draw the conclusion that insiders are now topping up...

You could draw the conclusion that insiders are now topping up because the price is reflective of the company's underlying asset value, and not overinflated due to other factors you have noted.

I draw an alternate conclusion. Directors were forced to participate in the SPP due to a lack of interest by institutions and other sophisticated investors. This conclusion is further supported by the over-spruiking of the retail placement. I've received at least 3 notices, invitations and reminders about the placement. If it was as popular as previous placements, it would already be a filled book and they wouldn't need to advertise.

I wouldn't be surprised if they fail to place the full $10M.