Are the Directors taking up their Rights?

All

In another thread, I asked the question as to whether Dr Giles and the other directors are taking up their Rights. In my long experience in investing in the junior mining sector, it is often useful to see what the company is not saying rather than what they are saying.

It is normal practice for a listed company to indicate whether or not their directors are taking up shares in a placement or rights issue, particularly if those directors are major shareholders. Havilah has been silent on this issue and as a shareholder I would appreciate some clarity on this.

There are some clues in the Annual Report that was released today. I quote:

'Two of the Group's major shareholders have indicated that they plan to take up to their fullentitlement of $0.728 million' (page 43)

This means that these two major shareholders that are indicating support for the Rights issue hold approximately 29.1 million shares between the two of them.

Dr Giles owes 41,945,674 shares, so he is not one of those shareholders as his full entitlement is worth $838,900. Why the silence about his intentions? If he is supporting the Rights issue, why is he not shouting it from the rooftops?

Can anybody explain to me if there is a flaw in my logic?

Would you invest more in this company if the leading director is not investing?

......and please no insults, this is just my observations, giving out insults is beneath us all!