Scheme Booklet, page-3

Hedge funds work on M&A deals and the volume it creates- at 2.9c they lose no money at >2.9 cents they make extra money. The more they buy at these levels the bigger the gun they can threaten Pybar with about lifting the offer price - knowing if Pybar does not, and they vote it down then they can control the company and look to break it up themselves ? and channel some of the cash to themselves directly. Or they can just accept the 2.9c and move on to the next one. These funds have 4 - 5 of these deals on the go at any one time (nothing special about UML) They can buy up to 20% without having to make a bid (which they won't) and they could even pay more than 2.9c if they think Pybar will pay up - classic game of chicken - a de-risked 2.9c is a no brainer