directors convert expiring options @ $0.25, page-3

My understanding is that during the takeover discussions Directors are not allowed to Buy or Sell Shares on market. (Black out period) (Note these we expiring options).

Clearly the Directors must be confident of a deal when they are buying at $0.25 with full knowledge of the current drilling programme timing & if the takeover falls through one can see the Share price going back to the pre take over prices in the Mid $0.15s.

Cannot imagine directors spending $165K knowing they would loose.