"If great news was imminent, how would this participation be interpreted?"

A great question MoneyK...                                                                                                                                                  IMO, (if talking about the regulators), would much depend on current knowledge of deal & timing-or lack thereof. We have an on-going 3yr how long is a piece of string? situation with TECK....i.e. deal tomorrow, next week or month /yr etc.

I also observe, healthy & proportional participation in the pp by the insiders, but not a feeding frenzy, which would not have had great optics! Again jmo.

sb