Hi Kyle, not sure why you don't find it credible that they would...

Hi Kyle, not sure why you don't find it credible that they would look through the register, here is an example of a similiar scenario, this is from the recent PLS share purchase plan documentation

"

1. Factors which the Directors may take into account in determining any scale back include, but are not limited to:
   
   1. (a) the extent to which Eligible Shareholders have sold or bought additional Shares after the Record Date and the date the application was made; "
      
      
      So not an identical situation but seems they are willing to look through to determine who was buying and selling.
      
      So perhaps that may change your view on who has more credibility, perhaps not.