From a news article
"It is against this backdrop that the current board - comprising Christan, Emanuel Ajay Datt and Paul Clark - knocked back the takeover proposal, which Stake has confirmed was made on 17 September."
So it seems that Stake made the bid a month ago, the company didnt report it and then initiated a buy back scheme lower than the bid price. Then and only when a news article came out, decided to announce that there was a takeover bid a month earlier? It is just me or would this be considered insider trading?
Ann: ASX Announcement - response to media speculation, page-36
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