analyst estimates, page-9

Let's put the take up of the offer in context.

Lefroy 34%
Armor 140%
Dreyer 140%
Mazzucchelli 58%

The above figures show what % of the allocation they actually took up. Armor and Dreyer only had 40000 and 50000 shares to start with anyway.

Lefroy and Mazz. had about 2.5 mill shares each and you can see that their take up was not the full allocation.