Ann: Becoming a substantial holder, page-24

Yep those seem to be the most likely scenarios in play. The only others I can think of are that they don't have a buyer at hand but will market the co. to the highest bidder ie: Yow For Sale or possibly KPH takes over as MD until a successful exit strategy is completed ie: YOW Sold. Anyway all of those scenarios should benefit shareholders by extracting value that is not currently reflected in the SP (Market Cap). However, in the long term the new buyer/s seem to still stand to gain the most with YOW having such a large potential runway of future sales and strengthening of the brand. In that regard they may end up with the bargain under the bird in the hand is worth two in the bush formula.