Still no guarantee the directors will hold them. They can still...

Still no guarantee the directors will hold them. They can still sell them or have them listed under a nominee who will sell them, then it wont look as a director has sold any at all.

You also have 22,628,048 shares that will be released, so even if directors hold, there is still a lot of loose shares on the register that will add more liquidity for selling.

Time will tell but we have already seen the share price halve at the current price today.