Ann: Change in substantial holding from ZER, page-5

Cheers, that's pretty much my reading of it too.

The bidders statement warns that – if we don't sell – we might get stuck with a lower share price, a lack of liquidity or simply get diluted away in a round of capital raises.

On the other hand, lots of tiny minority shareholders would be a nuisance factor in terms of management and administration (or an annoyance for a fresh bidder to buy out, as you point out) so they might just up the bid a little to clean us out.

Fair point on the BGH director selling too - he doesn't seem to want to hang around.

In the meantime I'll wait to see if any of the substantial minority shareholders sell at 3.8 cents...