Projections & 65c per share target, page-237

Why not? Where Directors are also Sub Holders any pumping of a share prior to a CR means they have to fork out substantially more from their own pockets(or hired broker help) and typically the share price then declines to the price at which the CR is made.
"Non-pumping" as outlined, achieves a much better outcome if they are confident that the quality of news to come will initiate a rapid share price rebound. Long term holders that withstand the sp gygrations/pain and continue to hold will be similarly advantaged.