Chairman inaction on share purchase commitment

A few days after the first strike vote against the Remuneration Policy at last year's AGM, the Board approved an announcement which included: Chairman Simon Wallace also indicated his intention to increase his shareholdings in Beam over this same period, via on-market share purchases.

There have been no Change Of Director Interest announcements for him since. The "same period" referred to means for the 12 months from the last AGM, so there's a way to go yet timewise.
Given (a) the low shareprice , and (b) his Annual Report positive enthusiasm, I am surprised by this lack of follow through.

We are out of the blackout period for Director trading after the last 3 monthly cash flow report, so there seems no Board mandated reason for him not to increase his shareholding now.

If we don't see an Appendix 3Y filed soon, what does it tell us?
Possibilities:
1. He expects the price to go lower
2. He doesn't have funds available
3. His commitment was that matching a politician's
4.He likes the thrill of a gamble on ejection via a second strike
5. He has a poor memory
6.?????