The original Directors were also in the top 20, bought well...

The original Directors were also in the top 20, bought well below 25 cps, but they topped up!.
Both Hartleys and Bell Potters the co-managers for the raise would have had high net worth clients trying to get a piece of the raise that they would have been reserving for the instos.
Makes sense that these people plus existing shareholders would have taken up the bulk of the options and not instos.
Looking at Nabtrade, parcels of 1m options at a time were being bought, not 16m. Suggest there will be some changes to the top 20 once released with some new names joining the list.