Ann: Replacement Initial Director's Interest Notice, page-2

I find it interesting that a director of the company, who has informed the market a number of months after becoming a director that he does in fact have interest in a share holding in the company (after initially informing that he didn't), who has been recommending share holders to accept Risco's offer, seemingly has either (a) not yet sold his shares, or (b) possibly has sold his shares and not yet informed the market, or (c) can't sell because he has price sensitive information, or (d) other? Can anyone enlighten me, I'm not an expert in this field?