There could be a few reasons and possible actions.. 1.There may...

There could be a few reasons and possible actions..

1.There may have been a change of mind after posting the cheque and the "buyer" then cancelled the cheque.

2. They may have made an honest mistake and thought the account involved had sufficient funds. If it was a trading account associated with chess they may not have allowed for funds not settled or set aside for unsettled purchases. In the "old days" you bank manager would "overlook" this and let an account go into overdraft. These days the computer at the bank acts automatically.

3. They may still take up the shares with the cooperation of EDE who would like to see them placed and have provision in the offer to do this if all shares were not taken up initially.  

They must already be a substantial shareholder to have made such an application.