Look at the ins and outs of the new substantial holders after...

Look at the ins and outs of the new substantial holders after the announcement of the offer. Has anyone seen so many brokers involved in a Small Cap?
My theory is that they are churning the shares on behalf of a buyer (possibly Cyan). They buy the shares on the market for above the offer price, therefore reducing the chance of
a "no" vote and then sell them to each other. Each time, they scoop up a few more of us retail owners (and a few from TOP in the early days). I can't
see us having a chance against this sort of shenanigans. Collectively, they rotate about 25% of the MMA shares. Are the Directors watching?
Does this sort of thing clearly show either the demand for the shares or the demand by a hidden buyer (possibly Cyan)?

I'm no expert, so I'd be happy to hear from anyone with a more solid theory. Thanks

	04-Apr-24	Becoming a Substantial Shareholder	First Sentier	19,254,000	5%
1	09-Apr-24	Becoming a Substantial Shareholder	MUFG	19,254,000	5%
2	11-Apr-24	Becoming a Substantial Shareholder	Morgan Stanley	19,291,000	5%
3
4	17-Apr-24	Ceasing to be a Substantial Holder	First Sentier	0	0%
5	17-Apr-24	Ceasing to be a Substantial Holder	Morgan Stanley	0	0%
6
7	17-Apr-24	Change in Substantial Holding	MUFG	23,880,000	6.30%
8
9	18-Apr-24	Becoming a Substantial Shareholder	First Sentier	28,646,000	7.56%
10
11	18-Apr-24	Ceasing to be a Substantial Holder	MUFG	0	0%
12
13	19-Apr-24	Becoming a Substantial Shareholder	Morgan Stanley	25,783,000	6.80%
14	19-Apr-24	Becoming a Substantial Shareholder	MUFG	28,646,000	7.56%
15
16	24-Apr-24	Ceasing to be a Substantial Holder	First Sentier	0	0%
17	24-Apr-24	Ceasing to be a Substantial Holder	MUFG	0	0%
18	24-Apr-24	Ceasing to be a Substantial Holder	Morgan Stanley	0	0%
19
20	10-May-24	Becoming a Substantial Shareholder	State Street	27,142,000	7.16%
21
22	14-May-24	Change in Substantial Holding	State Street	22,825,000	6.02%
23
24	22-May-24	Ceasing to be a Substantial Holder	State Street	0	0%
25
26	03-Jun-24	Becoming a Substantial Shareholder	First Sentier	26,014,000	6.86%
27	06-Jun-24	Becoming a Substantial Shareholder	Vanguard		5.04%
28	06-Jun-24	Becoming a Substantial Shareholder	Morgan Stanley	22,636,000	5.97%
29	06-Jun-24	Becoming a Substantial Shareholder	MUFG	27,228,000	7.18%
30
31	06-Jun-24	Change in Substantial Holding	First Sentier	31,763,000	8.38%
32	07-Jun-24	Change in Substantial Holding	Morgan Stanley	27,165,000	7.17%
33	07-Jun-24	Change in Substantial Holding	MUFG	31,763,000	8.38%
34
35	07-Jun-24	Ceasing to be a Substantial Holder	First Sentier	0	0%
36	07-Jun-24	Ceasing to be a Substantial Holder	Morgan Stanley	0	0%
37	11-Jun-24	Change in Substantial Holding	MUFG	0	0%
38
39	12-Jun-24	Becoming a Substantial Shareholder	Goldman Sachs	19,835,000	5.23%