Offer is Closing, page-19

Yes it was designed for existing shareholders who mostly would have been in this a while and no one could have bought on announcement to participate,
Most would be well down and would want more than 1.1 cent, and most will be scaled back quite a bit so yes some might buy more instead of selling.

If they get some at half a cent and then buy more at say 1.1 the average is 0.8 cent, which when this plays out should prove to be a very good buy