A lot of them are involved in RM. The exercise was to see where...

A lot of them are involved in RM. The exercise was to see where there would be a breather in the share price rise. That point would be where there was a big seller. Of the top ten, six took up their full entitlement and one took up their entitlement partially. One did not take up their entitlement. One, Winance did not take up their entitlement and has actually sold down. The other has gone from the list. But we do not know whether they have already sold out or had a name change. If they did not take up their entitlement, then at 8 million shares they would have slipped off the list.
Of the bottom ten, if they did not take up their entitlements, they would have slipped off the list. So we don't know whether they are still around or not.
From this we can surmise that those who took up their entitlements are going to hang on for dear life. As are the new RM punters. They have an affinity with the narrative. This leaves approximately 100 million shares (10%) that possibly will go if the price is right. This does not say that they will, it just says that they were not prepared to throw more money in.

But what we can see going to the new list, where the top twenty have 500 million shares between them, only 45 million are in shaky hands. 11 million of these may be holding, leaving only 34 million available if the price is right.

This leaves the buyers on market hoovering up the weak hands of the smaller disenfranchised holders that are fed up and will take a profit, any profit. I know myself, Carbondriver, the board members and many posters here are here for the long run.

What we can take away, is that it will be very hard for a takeover to occur, and it is possible to hoover up 50 million to reach 5% (100 million have gone through in the last couple of weeks with no notice, so several players are in the mix) but to get to the 19.9% threshold will require a placement, which although possible, I believe unlikely.