There was a significant uptake in shorts on ~15th September, which seems to align with when the annual report was released.

This makes me suspicious, though I don't know what the shorts are about.

https://hotcopper.com.au/threads/ann-recommended-offer-to-acquire-remaining-20-of-dacian-gold.7636910/#post-70395028

The Money of Mine podcast made some good comments on this a few weeks ago. Seems to be along the lines of making sure they can make decisions with the Dacian assets without needing to consider the financial benefit of shareholders other than GMD.

Seems sensible to me, though haven't looked at the details of the deal.