Ann: GMD:Notice on Status of Conditions for Dacian T/Over s630(3), page-14

GMD are scared of someone taking a 10% stake and preventing full takeover.
There may be a lot of value in DCN hidden away but in the current market environment it is almost a liability.
GMD just can't walk away with DCN assets unless the directors like spending time behind bars.

They'll try scare tactics, they'll try below the radar accumulation but at some stage it is likely that they'll want to make a more generous offer to get it across the line.

Shame there aren't many arbitrage artists out there these days as would be an easy chance to make a couple of mill just by being obstinate and a little obnoxious.