gsw - directors buying over $200k

Over the past few weeks the directors of BYI have bought over 200k in thier own stocks in the lead up to an excellent annual report which whoed them go into profitability.

The shares are currently trading at 2c off the level the directors bought in at - would this be because:

- Stock is not a favoured stock and not traded much (volumes are increadibly low)
- Directors where buying up pre-AR in order to show better balance sheets (cants see why)
- directors where betting on a bounce post AR?

Thoughts?