Ann: Change in substantial holding from LEI , page-3

I don't get it either.
Also with the DML recap proposal they get US$3.2m in cash which effectively just replenishes the divd they just paid out.
SDM screams undervalued - I can't understand why the share price is where it is.
I hope that there is not a bad project lurking in there somewhere? I am concerned that someone knows this may be the case and is selling without the rest of us being aware.