Ann: Change in substantial holding , page-2

2/8/13 Genesis +3.46m shares --> 6.23% of ELM
10/9/13 Harlequin +728k shares --> 6.9% of ELM
12/9/13 EMC +800k shares --> 7.9% of ELM
12/9/13 Dingyi +3.45m shares --> 19.0% of ELM

Total = 40%

The substantial shareholders seem to be adding to their positions; maybe they see an easy arb play?

Meanwhile Dingyi are increasing their stake towards the 50.1% transaction requirement.

Do others see this derisking?

I would assume with 19% Dingyi is relatively safe from another offer being lobbed over the fence now but who knows. Genesis, EMC, Harlequin, et al could be figuring there's a bird in the hand opportunity (66c takeover offer) or two in the trees (possibly another player) ??

Do others see something else?

Cheers
John