was it just a ruse?

I am wondering whether the equity offer by AFHL was all just a ruse? one where their identity could not be tracked and one where the money was never ever going to come, one where the sole purpose was to unsettle existing holders enough to get them to sell, was it all set up just to allow accumulation from ordinary shareholders, and why didn't the ASX or ASIC step in? perhaps they have already decided that when a critical threshold is reached the real equity money comes in to the picture, one that does have a known identity, it's funny how the entity behind the accumulation isn't showing up in the share register though as a major shareholder, or an increase of an existing major holding?

My belief is that once all of this is bedded down, the entity behind all of this may end up owning around 75% to 80% of metalstorm, I'm not sure whether they will go for the whole shooting match or just sit in the background and call the shots, it could mean possibly that we will never get to see any of those shares that have been accumulated ever again, which would mean the effective float of metalstorm would be the remaining 20% to 25% percent?