is this a quality stock, page-14

No, that's not the case. They can't be making announcements to the market whenever discussions are taking place - only when there is some specific event. it obviously varies from case to case, but in broad terms, if discussions are very preliminary, then they could still buy, but if they were at the stage of due diligence exchanges of info etc, then they would be obliged to hold existing stock and not buy any more. It's only when a deal is struck, or imminent that an announcement needs to be made. I'm not saying they are at any particular stage, but when i asked questions, that was the reason I was given as to why no directors are buying.