this is serious, page-10

No reference to the webphone deal in any of the announcemnets and considering the GM has been postponed, I think it is clear that a Testra buyout is currently being negotiated.
Directors leaving supports this.
IMO
JM would not have wanted to be involved in negoatiations of the sale of the company he had only just become chairman of, to the company he was previously a director in. This would potentially tarnish his reputation.
CS would have fought tooth and nail, not to go down this path and hence was pushed aside to pave the way.
And the other bloke knew what was coming and that the gravy train was soon to end so he jumped ship early when a good opportunity arose.

The only question left in my mind now is @ what price?

I agree Pile, if there were any bad info known by those in the know prior to the TH, we would have seen far more shares sold in the 4 days after the JM resignation was announced.
IMO the drop was just small holders wanting to cut their losses after the ann.