On 19 December, DB purchased 5,843,113 AZS shares for the modest...

On 19 December, DB purchased 5,843,113 AZS shares for the modest sum of 11.5c p/s. According to the AR (p.59), Drake owns 5,843,113 shares. Clearly, Drake off-loaded its entire holding to DB (the only entity prepared to buy it), at a fire-sale price (25% discount)

This explains why DB dumped 125,000 shares on 13 December (i.e. so it could purchase Drake's holding without passing the 20% cap). Interestingly, Tony Rovira & Peter Ingram were busy buying shares the same day (160,000 & 170,000 respectively in this period)

With respect to Adesso' question about whether Directors purchased shares in response to the DB acquisition, and/or possibility of a T/O offer, prior to the sub notice being disclosed to market ... I hope not. That wouldn't be fair or ethical, imo. No-one should insinuate such things without supporting evidence.

Finally, Adesso' claim that 'all three directors have boosted their holdings' is misleading. The 3Y published 21 Dec shows Dr Martinick, and Mssrs Rovira & Ingram simply received their generous options packages awarded to them by grateful shareholders at the AGM.

In summary: What we see here is the capitulation of a long-term AZS corner-stone (Drake), coinciding with some opportunistic 'averaging-down' by Deutsche Balaton.