"If we assume all holders outside the top 5 were eligible and that none of top 5 participated (not sure on this?) then it's a takeup of roughly 36%. "
I think you'll find that several large holders outside the top 5 did not take up their rights, for various reasons - unrelated to the views that underpin their shareholdings in LAW - such as portfolio constraints or lack of available liquidity.
"If we assume all holders outside the top 5 were eligible and...
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