Hiya, sorry, will try to pay more attention and respond to all...

Hiya, sorry, will try to pay more attention and respond to all queries this time.

Why aren't the directors selling into the buyback (assuming it goes ahead) - you'd have to ask them. Same answer re Reichler. Presumably the answer is like the answer most people who think things through properly would give you, ie they think it will provide superior risk adjusted investment returns compared to anything else on their horizon.

Why should you sell if the directors aren't? Well, because they control the company, not you! And they know better than you what the company will be doing in future. And, because lack of liquidity has a substantial negative value.

Re dividends - well as they say in PDSes, "past performance is no indicator of future performance".

Will becoming an unlisted company change their approach to divs- not in and of itself. But their interest in delisting in my view likely portends a greater strategy change, of paying (even) less regard to smaller investors' interests.