I fully agree with your positive points, the market would see...

I fully agree with your positive points, the market would see director investment outside the "black out" as a good sign.
My gut feel is these directors are working to get Cannon going and as fast as they can to pay the convertible note back.

They are fully aware that shareholders are sending the directors to an election after the next AGM. They do not want to loose control especially the chair with the most shares.

My understanding from a brief look into director holdings is the chair paid for his and Grant Haywood CEO did also, the others I do not not how they acquired their holding.

The new director coming onto the board after merger (if it happens) is the master of performance share grab. So I say do not vote for performance share issue resolutions. The vote will be a standard 50% plus over the line and then adjusted for a poll vote.