Ann: Retail Offer Oversubscribed, page-6

Page 153 of the 2023 annual report shows Infratil having 21,542 shareholders as of March 31, 2023. It was 21,824 a year earlier. From the announcement above, "Applications were received from 27,983 eligible shareholders...". Does it seem strange to anybody else that the shareholder base grew so much in just over two months? Or was there a lot of double dipping (applications for each of personal holdings, shares held in super and shares held in trusts) which I thought was disallowed (page 7 of the offer booklet, "If you own Shares through a trustee or Custodian and also own Shares in your own name, then you may either purchase Shares yourself or instruct your trustee or Custodian to purchase Shares on your behalf. You may not do both.")?

Thanks in advance to anybody who can enlighten me.