Converting warrants is not the same decision as buying shares from the open market, and the objective is usually different.

When a director converts WB, the primary purpose is capital injection into the company, not accumulation of shares. The exercise price paid goes directly to the company, strengthening cash position and balance sheet. A market purchase, on the other hand, only transfers shares between investors (Dato) and does not benefit the company financially.

Cost-wise, conversion is not necessarily “more expensive” in decision terms. The exercise price is fixed and known upfront, while buying from the market exposes the director to price volatility, liquidity constraints, and regulatory optics, especially if volume is thin.

There is also a timing and governance angle. Converting warrants is a pre-existing contractual right and is often cleaner from a compliance perspective. Open-market buying can trigger different market interpretations, affect liquidity, and may not always be the preferred signal management wants to send.

Lastly, directors do not typically act to “push share price” in the short term. Their actions are more aligned with capital structure, funding certainty, and long-term alignment. Share price discovery is left to the market over time.

In short, WB conversion is about further funding of the company, not chasing price or trading liquidity.