MD stock ownership

Hi All,

Am new to this stock and doing my initial research. Thought I would ask a question that LT holders would know. It appears Tony Rovira has been the MD of AZS for 17-years, so was surprised to read his ownership was 1.5m ordinary shares with 0.5m received on exercise of options last year.

Is there an explanation for this? Was there some form of company split/dilution that would have diluted his holdings.

That was the only red flag for me; otherwise it does appear to be worth a punt?