The transfer to D.A.C.H.S. Capital AG to make them a substantial holder is described as "Distribution of shares held by fund to beneficial owners" and there is no consideration (money paid) for the 454,451,810 shares. It is a bit vague so not 100% sure but my reading of it is that D.A.C.H.S. were (or became) the beneficial owners of these shares that were held by Lionhead. Perhaps D.A.C.H.S. provided funding or a loan to Lionhead and these shares were security or there was some other arrangement that triggered the transfer? It's anyones guess since when, how and why they became the beneficial owners is not clear.
Would be nice is there was a better explanation to market from LH before dropping such news.
Ann: Becoming a substantial holder, page-5
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