Yep and you do realise that the majority of the insto holdings are via banks equity desks? Remains to be seen how many instos take it up - some large shorters may offer them a 10-20% premium to cover/buy their shares and some may be keen to exit.
Also worth keeping in mind that NCZ is likely to still be out of the ASX300 and a number of index funds that may be looking to exit.
NCZ Price at posting:
15.0¢ Sentiment: Hold Disclosure: Not Held