Sorry I am getting a bit confused.Some where I think I read Bagnall and Merton,s holding was in a joint venture.I would expect he would be a trustee for say A Bagnall family trust.
I am sure he has skin in the game.I have found researching hard as company announcements and website have got me a bit mixed up.I look forward to annual report to help me out.
You are seeing it more clearly than me,sorry.