It seems odd that given the alleged pile of retail investors...

It seems odd that given the alleged pile of retail investors wanting to avoid the second instalment, only 8 per cent of the issued units (27.8 ex 338m) are currently for sale on market, just before the last get out date, according to the CommSec screens. So if an on market buyer steps in, like Macq did last week, where is the alleged mass of desperate sellers? Any ideas, or are these people acting as naively as they have to date?