I think there were several decision points, and we aren't...

I think there were several decision points, and we aren't operating with all the knowledge that TBR management have, but in logical order the decision points were:

1 - Referral to Takeover Panel
2 - Post Takeover Panel decision (e.g. legal challenge or not?)
3 - Dividends out the door
4 - Unsolicited offer from NST
5 - Offer by TBR to buy out NST's share of EKJV
6 - Possible discussions with various other parties
7 - Announcement of EVN being on the register

Please correct me if I have this out of order or have omitted anything important, I am just guessing that step 6 happened and we may never know, but for some reason Anton Billis didn't elect to go public at this stage 6, just a guess, but possibilities are Anton himself wanting to stay out of public arena, or at the request of TBR's own advisors, or possibly at the request of Jake Klien/EVN? If I was a betting man, I would bet that the first and third possibilites are pretty strong candidates...