Ann: Change of Director's Interest Notice, page-7

CSE's main asset is their holding in SYR which they recently increased via loan funds.

Best to read this thread https://hotcopper.com.au/threads/cse-under-valued.3672570/#.WhqkP3lx1EV to get an idea of the steps needed to produce most financial benefit to shareholders.
Basically any takeover would only acquire SYR shares which could be bought on market anyway.
The most benefit to shareholders is the distribution of past losses(deferred tax losses) and franking credits attached and these have different values depending on individual tax rates.
To obtain these benefits they need to be sold in the financial year prior to distribution, and in fact were subject to an audit comment Here
As you are aware company recently took up its entitlement in new issue and this amounted to 1,047,619 shares and they took out a 2 year loan of $3.5m + another loan to cover payment of interest and fees for this loan.
On these they now have a profit of some $1m.
Cash on hand at 30/6/17 was some $510, 000 and last years net income /outlays were -$290,000 which would add to their deferred tax benefit.
Lets say for the sake of the argument they have nearly 2 years cash on hand to meet their oulays and 2 years to repay their loan.
In the annual report to 30/6/17 they said

Maybe over the next 2 years the share price potential upside envisaged by directors may come to fruition and shares will be sold for the benefit of CSE shareholders.

I think a takeover of CSE would only occur if SYR was the main target of a takeover.
To me CSE is a long term investment which also appears to be the view of non-executive director Mr Harry Hatch who is gradually increasing his holding .