rights conversion

My understanding is that 121m new shares will be issued IF shareholders take up their Rights.

To date only 15.3m Rights have been traded on the ASX and will most likely be converted into shares... otherwise why buy them?

Today there are approx 5m for sale.That leaves 100m Rights that are still held by investors. Will these just lapse or will they also be converted into shares at month end?

If shareholders let them lapse I assume that Ian G will pick them all up ( underwritten)and end with over 36% of the company.

I can only conclude that Ian G feels confident that he can only win on this bet. Let shareholders lapse the offer and Ian ends up with a large portion of the company. All he needs to do is negotiate funding and GIP will jump.

By the company not making any progress announcements on funding etc ( in other words keep shareholders in the dark) before Sept 28th many shareholders will not entertain any risk of further investment. On the other hand Ian stands to increase his holding by this silence.

Have I read this correctly??????

What do you old timers think will happen????

Will Jack and Co encourage holders to convert by providing a clearer picture of funding negotiations?