Ann: SIV AGM CEO Presentation 29 November 2018, page-11

Well I'll spell out my cynical version for you - to me - it looks like directors might have been buying while expecting bad news, not good news. But there is no way to see inside their heads. I didn't think much of some of these trades, as they were negotiating with financiers, and hadn't informed the market as to what cards were being held IMO. They may have held a bluff hand.

I don't think frequency is a factor, but the range of directors who are buying could be, and the amounts might be enough to hurt a bit. (You will notice that the board of RCR all bought stock recently.) There are not any SIV directors who have not bought. That could be for a very very good reason, or a very very bad reason. I am taking a negative view out of prudence, but admit that we cannot know what it means. I do however expect that there is a legal playbook for situations like this, even if the situation is heightened uncertainty. I'm certainly happy to buy SIV at some point if the negative view turns out to be unfounded, but it is too early for me to tell.

All IMO