If TFA International takes up all CR and not many holders taken...

If TFA International takes up all CR and not many holders taken up, TFA's holding will be > 20% breach listing rule.

Instead of taking up CR offer, why don't TFA just buy out this new project. TFA got enough money to start mining straightaway. If TFA has to wait for FWL to get enough cash from CR and FWL takes out debt from banks, that will take many years.

Judging from sp trading below CR price and took very long time to sell shares priced below cr price of 4c, I don't think many small holders will take up the offer.