I think the board is being prudent and taking measures to be prepared if one occurs, especially given the plans to increase the AS by 100m shares. I'm not suggesting this is the only reason because they have several reason to increase the AS at this time, but I definitely think it's one of the reasons (i.e. to be used as a poison pill if necessary).

"I didn’t want to be the first to mention the possibility of a hostile takeover - but with the heavy trading days recently I have wondered if someone is accumulating with a longer term intent"