I think they mention 54% (full acceptance) knowing full well...

I think they mention 54% (full acceptance) knowing full well they will achieve nowhere near that. Their is every chance they will scrape in under the 15% allowance, and if they did need to issue extras then obviously shareholders would approve it in a heartbeat. As you say 14c in the dollar.

Their wasnt alot of selling, but some of it might have been disappointment that they hybrids are unresolved due to a lowball offer. Market may have been more positive if it looked like a large amount of PXUPA would accept.

Look at it this way, even if they convert $500k worth of PXUPA it will only gain about $5mil of equity and largely cancelled out by the additional shares. Hardly worth the effort.

Will be interested how the RE responds.