From what I understand, RED is now principally owned by more...

From what I understand, RED is now principally owned by more than 31 insto's many of whom have taken up the recent placements at 15.5 cents but didn't get all the shares they wanted.

IMO those investors are not going to drop shares on an investment they made just a couple of weeks ago, they will not be sellers.

I believe that the loose hands are the smaller holders that have expected the big run up, got frustrated that it didn't happen with all the announcements out, and are now selling into those insto's - remember, the placement issues were OVER-SUBSCRIBED by insto's!
That means there is pent-up demand, but while smaller investors are exiting at giveaway prices, why would insto's want to push the share price up?

As Fatsoh describes perfectly:
From weak hands into STRONG hands.