is allegiance a buy?

AGM has dropped to 17 cents today. However, you would think the company's chairman would have a pretty good idea of the company's value. So it's worth considering the following ASX announcement:

In an announcement published by the ASX at 6.15 pm. on the 16th. January, Allegiance Mining's Chairman, Anthony Howland-Rose had acquired 1,130,000 Allegiance Mining at 20 cents a share for the HowlandRose Holdings Pty. Ltd. ATF The HowlandRose Family Trust.

That's a $226,000 vote of confidence in Allegiance mining's nickel mine development and nickel exploration prospects in Tasmania.