Yes. Because the takeover offer from JBL is still on the table,...

Yes. Because the takeover offer from JBL is still on the table, our new directors are legally obliged to provide a Target's statement. Leadenhall will also be wanting to cover their arses as well. Our new directors will need to meet with Leadenhall's auditors and determine exactly how much they're aware of and what their disposition is with regards to the former directors.

Bear in mind that Leadenhall's auditors would have prepared their report from information provided by the former directors. I think it will be very interesting to see what happens when Leadenhall gets the big picture from the new directors. But unfortunately this is another one of those situations where we can't just "call a spade a spade". Any updated report that we get from Leadenhall will still most likely be worded in such a way that it limits their exposure to legal action and doesn't convey the true nature of the situation.

Given that some of the new board were instrumental in stopping the original takeover bid from JBL, I think it's very safe to assume what our new directors' recommendation will be with regard to the takeover offer - regardless of what Leadenhall comes out with. Note that the current recommendation of "Take no action" is effectively rejecting the offer.