Yes I agree the volume in the options is a smoke signal. I'd say...

Yes I agree the volume in the options is a smoke signal.

I'd say dingyi are buying the options as they are allowed to buy options without having to make a take over offer.

They can't buy any more shares as they are at the 20% maximum.

25 c exercise plus 3c = 28c then make a takeover offer at say 35c.

I'd say they'd be feeling a bit anxious now that term sheets are in place and may have to show their hand soon.

Could be an offer soon and probably a hostile on market bid this time as they've well and truly done their dd.

Good luck.