Ann: Update on Scheme, page-16

Here is my Thesis on this play

D&D want PXA and I reckon they want PXA in the next 5 years coincide with rate rise and properties market down turn
but they don't want to reveal their hand so they go via back door with LNK.

this played two important roles
1. It locked out potential suitor and leave them the only prime candidate for future PXA play
2. They can buy time and picked the best moment to strike because owning 42% pretty much rule out any rival making a play for PXA so they have
no urgency to act nor scare someone else will enter the game

Their initial bid of $5.50 I thought was ok but not great, they got near control of PXA with 42% via LNK and the market warm to it so it an awesome play by D&D

since then, they see LNK is in the dog house and run my management the market doesn't like so it try to be clever and going cheapskate on the deal
and still hope the market will support it and get it over and done with.

I think they stuffed it up by reneging the deal, I reckon now the deal is off and PXA is out of their reach and they sabotage their own good plan.
PXA will get picked off my someone else and they have to go into a bidding war for it