In this situation they are not able to acquire shares past the 20% threshold currently beacuse the offer is not unconditional, and therefore must go through the approvals process.
However, smart investment brokers would be lapping this up currently, because they know they can buy as much of this as they want at 31c, make 1.5-2c (~4 to 6.4% profit) in a couple of months. Relatively risk free due to the BOD approving.
Just as a guide if you want some bed-time reading:
