In the last three trading days 7.4% of the issued shares have...

In the last three trading days 7.4% of the issued shares have changed hands at between 26.5-27.0 cents.
It is unlikely this represents an arbitrage position as the return looks too low unless there is a higher offer.
Another scenario is that a buyer or buyers wish to ensure that the scheme threshold of 75% cannot be reached, if Skip decides to vote "no".
Skip could have only bought 3.0% of GNX capital (without making a takeover offer) so if there is a single buyer it could be close an interest of 5.0% which would require disclosure as a substantial shareholder (within 2 days of acquiring that status). Keep an eye out for announcements in the next few days.