Because Todd do not need to buy on market to increase their %,...

Because Todd do not need to buy on market to increase their %, if they don't want to. Todd may be buying on market very small parcels, and as long as their SH doesn't increase by 1% they do no need to inform the market. There are different methods of increasing %:

1 - CR is done, not everyone takes up their entitlements, Todd takes up their full entitlement and as such their % increases

2 - CR is done, FMS give Todd favourable terms for (whatever those reasons are) and as such their % increases

3 - Todd buys on market below the 1% threshold, CR is done, combination of on market buying and CR increases Todd's %