Ann: Change in substantial holding, page-2

Curious. J-Power did not take up their entitlement + additional shares under the SPP at much lower prices than the offer, Not sure if they were eligible for the share issue in 2022. Nor did they purchase shares beyond their 7.72% holding prior to announcing the takeover. They could have got shares for well under 27c. (Maybe they did not want to drive up the shareprice before making their offer?)