Communication with managment, page-34

Fair enough @Chris741 but my point is that the large holders have resisted temptation in the past and seem to be pretty rusted on (though what has happened must surely sting for them as well). The registry is not really concentrated enough that it is very likely that they could approach enough holders to get the 49% as far as I can see.

... and if they were able to start building a significant position over time the cat would be out of the bag pretty quickly and I suspect many would smell money and decide to hold on tight.

If an Indian company were keen enough to try to get a major position the shares would rise just as they would have if the India Project had got up.

Same same.