Ann: Variation of Takeover Bid, page-35

Their shares now belong to Shandong, directors will continue to benefit from Shandong increasing their bid though. This is why if Shandong do raise tomorrow I'm going to pledge mine, the directors have more on the line than almost anyone. They must be confident that Shandong will just continue outbidding Nord until they finally crack and either enter a JV or just exit for a profit.