new major shareholder - the plot thickens

Elphinstone just announced as new substantial s/h in VPE with 22.5m shares.
Elphinstone was major s/h in QGC.
So he is obviously following QGC (BG) into VPE.
He must have been the major subscriber to VPE shares in the recent Placement.
Whilst the ASX announcement does not state on what basis he acquired his interest it says he holds 22.5m shares at $3.15m - that's 14c p/s.
The Placement days earlier was at 14c.
So of the 48m shares placed at 14c, Elphinstone took over half!!
That's got to be a good sign!