DKR have not sold any of their last conversion of 1.016M shares....

DKR have not sold any of their last conversion of 1.016M shares. AS has provided them with an underwritten offer for all their shares and they have not taken the offer. Transfers have been occurring between different nominee accounts for several months as people move between countries and for various other reasons. This has the advantage in some cases of triggering CGT events in favour of the holder. You do not need the same broker to handle these transfers. I have several brokers and holdings so that when I transfer on-market at quiet times to average out holdings for all sorts of reasons it is almost never a cross trade. If there are sellers for whatever reason then they are misguided but there are some who are unhappy with management and who think the price has peaked so want out. Fine with me.