seriously, page-28

they would do it if they had a buyer that they were working with who wanted to get as much of the stock as possible as cheap as possible prior to a bid.

get as low an average accumulation price as possible before the bid which might be higher the cheaper were the pre-bid accumulation. from an insiders point of view everyone wins.

you'd think that an investor presentation at around this time would contain things like merger costs and rationalisation benefits and post consolidation balance sheet etc.

in any case their standards of disclosure are very poor. i know also you are not going to change them. and as long as they see that they are not breaking the law then shareholder disclosure is the last thing on their mind. c'est la vie.