I think @littlecorn your comments do need to put put into context. 2 comments:
1. The few Directors that did sell only sold a small portion of their respective holdings. They have all been material holders for 10 years and pretty much all remain in the Top 20 Shareholders. If you were a holder for 10+ years and saw traders take the share price to over $1 in less than a week wouldn't you sell a small portion ?
2. To judge APAS development costs on an expected return on the ANZ market is very misleading. The ANZ market is relatively small, and is the seed market deliberately entered first to iron out any product bugs and prove operational efficiencies. The prize is the European and US markets. As Benny the Ball has already noted, the 'un-named' European entity is clearly doing work behind the scenes and will be named as the European distributor in due course.
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