Personally, I think the blackout period is an ideal construct,...

Personally, I think the blackout period is an ideal construct, there to help prevent negative perceptions of insider trading but they are not strictly enforceable.

Blackout periods may be written into company policies but the chairman can always approve on market purchases by directors where they are satisfied that the buyer is not in possession of sensitive information that is not yet public.

Blackout periods are not enforceable and a company cannot always predict or control when market sensitive developments occur anyway. Overall, the law states that directors must not purchase when they are in possession of sensitive inside information that is not public. I think that's as far as directors are obliged. The above is my understanding only and not advice.

Read this:
http://www.companydirectors.com.au/...ition-paper-no10--director-share-trading.ashx