I think you will find he did. Here's the top 20 from the 2014 and 2015 annual reports. The guns holding company is Mining Investments. 37m shares in 2014, not in the top 20 in 2015 which means he held less than 6.6m
http://www.asx.com.au/asxpdf/20141031/pdf/42tdbt7nnfx6vj.pdf
http://www.asx.com.au/asxpdf/20151102/pdf/432ph876fv9zdd.pdf
He hasn't been involved since the gold acqusition days. Both Rob Grover and Tom Grove who were tied up in that regime have left the board so the only thing that ties the company the guns is they still have the same Boss name.
4-5 cap raising a have been done with no free options in the past 5 years so it's hard to see freebies flying at us from this new board.
I think you will find he did. Here's the top 20 from the 2014...
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