With 46 applicants involved it would seem to me that a good...

With 46 applicants involved it would seem to me that a good amount of the uptake would be from existing institutions hovering at the just under the 5% mark taking sufficient to maintain their percentages and avoid any dilution perhaps.
Thorney is one that comes to mind.
Whether those insto participations on that basis are sufficient to cover the residual amount of tranche 2 of the 9 million remains to be seen.
Would be pleasing to see some of them diving in the deep end though and becoming substantial and requiring notification of any changes via SSH.