Ann: Change in substantial holding, page-13

Probably best to accumulate as long as possible if that's their plan.

If they want to do a buy out it'll have to be at a premium and that's likely to have to be at 50% higher than today's price to be even remotely considerable.

Not sure how the board perceives fair value or if they just want a quick pay day but they may recommend accepting.

The real danger here is that they keep acquiring while the price lingers due to lack of volume, more votes on the board can affect the company in ways that will drive the price lower until investors lose all confidence and they do a compulsory takeover.

If you want to see the nightmare scenario then you can look towards what happened to Cimic (CIM) recently, currently under new ownership and delisted for obvious reasons.