Actually 44.44% is Crescent's wish, in case that they get all...

Actually 44.44% is Crescent's wish, in case that they get all 13M planned surpluss shares from their sub-underwritement.

But that's not going to happen. From institutional offer they'll only get 1M surplus (2% remaining from 50M issue). For retail offer we'll know when the results gets announcement (possibly tomorrow), but we know that there were 28M shares for that offer. Let's say that 75% retail shares took part in CR (possiblly too optimistic number, but we'll find out soon), out of which 1/2 wrote just their entitlement and 1/2 also with extra 25%. That would leave only around 4.4M surplus, giving Crescent new share after CR (excluding any other on-market buys) of below 41%.

So the theory that this is not over yet and there is another player might be still plausable. I would say that it's not likely that they would look into the majority share, but there could be parties interested to get a reasonable chunk and have the say in future takeover negotiations.