Ann: Acquisition of St Andrew's Insurance and Trading Update, page-7

Fair point there Master, I'm afraid there isn't a straight forward answer to this one other than case-by-case.

Some of the management/directors have invested in FIG for many years before it went public in late 2016, so I'm guessing some would consider selling out, for whatever their financial or personal reasons there may be.

A business owner's mindset is often different to that of an investor (like you and me).

To your point, a director or management with smart money could well have considered a longer term view and especially FIG now being a listed company, and bought at the current levels instead of exiting the register.