Interesting addition to the register, page-5

I doubt he is part of a takeover play, although the possibility of a takeover would be factored as a potential booster to the investment.  Occam's Razor tells me the most likely reason for the establishment of the holding is the arbitrage opportunity.  A company (CSE) trading at a measurable discount to the extractable value, holding a good company that is leveraged to the new energy sector.
See Mr Bolton's Keybridge profile below (The underlining and bolding is me, being cheeky:

Managing Director, Executive Director and Member of Investment Committee

Mr. Nicholas Francis John Bolton serves as Executive Director of Keybridge Capital Limited since February 22 2013. He was previously NonExecutive Director of the Company. Over the past 12 years Nicholas has managed operational investments in the IT sector invested in and led activist investments in a number of ASXlisted entities as well as a number of risk arbitrage transactions focused on share class arbitrage relative value and sum of parts analysis. Nicholas is focused on delivering superior risk adjusted returns through active management and innovative solutions to challenging issues.

Managing Director Since 2013