It doesn't send any message. He is not required to make direct...

It doesn't send any message. He is not required to make direct investments in the company he works for. What percentage of directors do?

He is employed as the Managing Director. He has already stated a few times, he's there to advance and build the company prudently and to add value for shareholders.

You have no idea on his personal circumstances. He has a family to look after for a start, and who knows what his personal financial circumstances are.
Maybe he's been investing in speculative mining stocks and done his doe? Although, he doesn't come across as bitter and twisted!
Maybe he is involved in accreditive discussions with parties, which can't be disclosed yet, precluding him from buying shares due to blackout regulations.
Or maybe he just has other priorities.

Why is a non-holder so interested? Been investing in speculative mining stocks lately?