1443m shares on issue. BOD hold 7.57% About 110m shares At 5c per share that's $5.5m between a few of them. Note that there has been several new appointments so it would be safe to exclude them from this. I think 110m shares is definitely substantial, but you and I must have different understandings as to what substantial is. Also, there is only certain times BOD are allowed to buy shares, subject to strict ASX guidelines. So it's not as easy as you may think for them to just go on market and start buying up shares.
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