Ann: Becoming a substantial holder from MS, page-24

You keep making enormous leaps that are not backed by the cold hard facts.

It's possible that DB and S had some explainable off market hand over at 16c and therefore you are correct BUT it is far more likely that S was always the beneficial owner and hence there has been no shenanigans, just a transfer by DB at initial purchase price. Book keeping only.

PS 90% is in the bag. Has any one come up with hard evidence of the procedure if 90% achieved within the offer period? Is it different than for post takeover period?