Maybe it is not all Black & White!
Did Frank step down to block a T/O and short up the shorts?
Has he got the shareholding to block?
Has he got other major shareholders onside to weather the storm and maybe accumulate?
Has he got Directors onside to dismiss T/O?
Interesting read on T/O rules
http://www.takeovers.gov.au/content...mmary_of_takeover_provisions_in_australia.htm