Please correct me if I am wrong. My figures show that since the...

Please correct me if I am wrong. My figures show that since the offer went to 20c there have been 130 million RAP shares traded. That is only 15% or 1 in 6 issued shares which have been traded. Considering that certainly some shares have been traded multiple times by trades and margin chasers then 5 out of 6 issued shares are still sitting with at least medium term holders.

Does that mean that the holders (a) have voted yes because they want the 20c offer? (b) they are hoping for a higher offer to get out? (c) they have voted no in the expectation RAP can continue as a going concern? who can tell?