ppvvmm you are of course correct.
The Directors can do what ever they want outside of the company closed periods. However, the number of directors and volume of shares involved is to great to be a coincidence. I would be very interested to know if there had been a Board meeting mid November!
Regardless of the timing, Directors of companies do not sell their shares or take options without good reason.
Out of interest I see that yesterday (12 Dec) another 24 000 shares were sold by British Airways Employee Benefits Trustees at a price of £5.07 each.