lol, like certain institutions, can the press see beyond the share price chart?!
I am not certain of this but the reason management/directors are not buying could relate to the formal 'bid situation' tag on the company. Share dealing may be prohibited.
If a bid does not appear in the next few months I wonder for how long the Listing Authority will tolerate this. If 'bid situation' is dropped, some investors could lose confidence again but I wouldn't see that as a negative - or that a bid is any less likely in the long run.