If any of the directors has a Relevant Interest in shares other than held in their own name, maybe those shares a treated as Associates. If all the directors and their associates add up to more than 20%, maybe there is a technical breach of the 20% rule in the Takeover Code. I don't know whether directors who hold shares or have a Relevant Interest below the 20% level are aggregated for the 20% rule in takeovers. There may be a question about any purchases of shares by a director an associate between when River launched its TO offer and the announcement to the market of the updated guidance. Did they have information that the market was not privy to? Greater minds than mine will no doubt mull over these issues.
I agree with other recent posters that what ever the issues regarding takeover rules etc, LPE is worth a lot more than the 'low ball' River offer and should be well north of 20cents.
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