Ann: Response to Takeover Announcement, page-6

Major shareholders sells out but representative still on the board..... CVC enters into an SPA and then on the same days sells the rest of its holding. The volume spikes on the day which could only occur from the other major shareholders.

Looks like a process to facilitate the major shareholders to exit without depressing the share price rather than an actual takeover since a shareholder can't acquire more than 20% without launching a takeover.

The question is whether other shareholders have lost confidence in EDC enough to cut and run.