I am surprised he is buying since they have flagged a cap...

I am surprised he is buying since they have flagged a cap raising. Necessarily, it has to be below current price and I would have thought it might have stretched him (not knowing his circumstances) without buying more shares at the "expensive" price. I am wondering if directors are locked out of the market before a sensitive (and positive) announcement? And if so, for how long?
As for Masterman buying down from 80c, my understanding is he was selling at the same time he was buying. While I wouldn't have thought an extra 200k would have made much differenceto his personal wealth, maybe some positive news on the JV's are imminent.