Invertedva, I agree with that. If you really want to sell your...

Invertedva, I agree with that. If you really want to sell your shares why would you load up a big offer above the market. If anything you would feed them in if it got to your level.
I was thinking the same about your suggestion of "strategic purchase". If you had struck a deal a while back to have the right to buy shares at the higher of a certain price or the VWAP of the 10 days prior to the option exercize then it would be in your best interest to keep a lid on the share price. Those offers have been in there for a long time too. Anyway that is all a guess but you could see the benefits in doing that (ie) a few million shares at 11 and 12 - even if they got taken out would be very little compared to the benefit of keeping a lid on it to execute the bigger parcel at a better price.
The other thing is that volume attracts volume (ie) there are no doubt some other CR hang-over investors that have joined those large offers as it creates a "technical" chart point. 11 and 12 cents would also be a 10 and 20% gain for a 10 cent CR investor. There have been a few CR's at 10 and 12 cents so it would make sense that with this being depressed for so long that there would be CR investors happy to get their money back or make 10-20% to get out.
If they were fully aware of what they had here they may well pull their offers though ! IMO

I suspect whilst the Orica option exersize period is in play directors will not be able to get involved further.

IMO