Ann: Tesserent enters into Scheme Implementation Deed with Thales, page-110

I think the byline in that article:
"Tesserent boss Kurt Hansen said there was an inevitability about its take-private given the way its shares had traded and the bumpy ride at the smaller end of the market.."
and further on:
"– or didn’t play the investor relations game the right way."
says a lot about the mindset of the CEO and probably the rest of the BOD. IMHO they were aiming for this type of outcome some time ago.