Ann: Redstone Notice Declaring Offer Free of Defeating Conditions, page-134

I scanned quickly through the data for the period of interest.
There were lots of trades between 4.3 and 4.5c.
About a billion+ shares were traded, all above 4.25c. in July trading was very light and prices dropped.
I think I understand what you driving at.
Professional traders paid quite recently 4.3 to 4.5c per share and they would like to recover their money, so they would like Gina to up the offer to 4.5c or more. There is good logic in it.