Ann: Half Yearly Report and Accounts, page-15

Whatever the SI is offering we need to price in the additional risk of not having a local on board. With this considered Pak's offer suddenly might not be unreasonable.

Now I want to know why the board didn't make a counter off or even negotiate in those 19 days. The information of two tranche payments sounds to me like an outright lie to buy themselves some time and take the heat off themselves. I have a strong feeling the deal was dead in Dec and GMC struggled to write the announcement.