If you want to underplay the seriousness of the issue, that is...

If you want to underplay the seriousness of the issue, that is your prerogative Barney.

For my part, I will say what I have said from the very beginning: small shareholders were disadvantaged by the actions of the directors whose early acceptances effectively blocked a successful bid by Magnum, which at the time was at a significant premium to the DLS offer. The Takeover Panel agrees, and took the extreme measure of unwinding the directors' acceptances.

Whether this amounts to outright fraud/collusion, remains to be seen, especially without the full decision released yet. And it would be daft for me to contend such a thing. But in the mean time, I will use language that expresses my disgust without getting me into legal trouble. If you think being circumspect is being guarded and passive, too bad.