Rocks,
Not sure you have that observation quite right.
The 47m would have been placed in some sort of institutional book build process. Any placed to an existing substantial holder would have caused that holder to submit a change in substantial holding declaration form. I can tell you that none of the placement shares were offered to or made their way to smaller holders, even those down the order but still in the top 40 list. I didn't keep a copy of the November end list to compare and see exactly which existing holders, if any, they may have gone to, or if any new substantial owner(s) have entered the register.
Rocks, Not sure you have that observation quite right. The 47m...
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