The Tradewinds declaration testifies to the sizable holds that some institutions have in this stock.
Vast majority of shares is in the hands of insiders and institutions per this example.
What it means is that the tendered shares to Rusoro being less than three percent were none from insiders or institutions. Had one institution decided to accept the offer the percentage offered would have been much higher.
These people know value when they see it.

The tendered shares were from individual investors whose judgment regarding this stock at best is impaired. The difference between tendered and not, testifies to that opinion. My appologies if it offends any of those individuals but that is the verdict in black and white.