There is a large proportion of the shares owned by the Top 20 (I...

There is a large proportion of the shares owned by the Top 20 (I think around 36% of issued) and a number of larger shareholders that sit just below the Top 20 threshold.

The starting point is whether as a shareholder, you take up the 1:9 rights or buy on market in order to avoid dilution. For the Top 20, the Rights issue is the easy way to go as it supports the Limon + others growth story that they are already invested into and is an efficient means for them to retain their overall position.

I suspect that Patrick Duffy has also ascertained there is strong support for the STM story when talking with major investors as he is settling into the new role and an appetite to support and not be diluted. Flipside is that, if you are a 10m+ shareholder, to buy 1.1m additional shares on market (10m shares @ 1:9 = 1.1m) is likely to move the market (particularly if you have a number of shareholders doing it concurrently for the same reason to avoid dilution).

So, I believe we will see a very strong take-up from existing larger holders and any shortfall likely snapped up by those insto / sophisticated investors who missed out in the Placement.