Here's how I look at it: New director news is invisible to those who don't follow the company closely, so is a non-event to the larger market.

The volume, or lack of, is indicative to me of two things: 1. Not a lot of interest or followers at the moment. 2. The people who hold AN ENORMOUS amount of shares are not interested in dumping into small upmoves occuring with arguably positive news.

Conclusion for me is that this is being held by a relatively small group of  people more informed than myself who have a specific expectation, as well as something most retail speculators lack, namely PATIENCE.