impacts of unexpected delays in the tender., page-32

Westcott, IMHO the only sensible conclusion is that the players who are taking over Afferro are going to make a bid for SDL. Afferro is just a piece of the master plan. How much more might Afferro have cost them if they had tied up SDL first?? At the moment Afferro is just a rail-less, isolated and unloved concern in the African wilderness and was going for a song. I agree with what you say...if there were doubts about SDL then taking over Afferro...and only Afferro...would not make sense.

Reading between the lines here.