Just out of curiosity, have you confirmed that management don't hold shares? Have you checked the share registry? Are you talking management, or directors?
Idan's announcement was pretty explicit that they did add during the entitement offer:
Which would mean both Melanie & Idan participated, but because they are not directors, there is no notice to the ASX. Having said that, we never saw a notice that Sytze, or Justin participated, so either they didn't or they haven't notified the ASX that they did. Scott M & Matthew Blake both did. Gary is new, and doesn't own any. Would be good if he dipped his toe in the water and picked up a few on market. Despite me questioning you, I do agree with you @Padlock on this one, that they should have some skin in the game.
If I worked in the CBD, I would pop into Boardroom to check the registry to see what's the latest with management, and if Idan was speaking the truth about him & Melanie both participated. But I simply don't have time to get there at the moment.
We know at least they held some shares from the annual report last year:
General Discussion, page-3571
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