I don't think this would be anything to do with Jaya, more just a play for control of a company he would like to own at a good price.
None the less, look at Cardno's share price and its recent drop from over $3 to about 58 cents to see what happens when the CR happens after a large shareholder gets some seats on the board.
CR will very likely need to happen as the business can't sustain the debt I expect and the industry outlook is really really bleak, likely for 2 or 3 years. Shorters may come back on post the position build up.
Please do your own research, but I'd be looking at the rally as a chance to sell and not too buy.
