Merigo -

All the 10-1's rank ordered by the handicapper. From memory all rated 137. Faasel who got in is probably rated higher than that on the basis of his performance since the weights came out. Merigo on the other hand is probably rated lower since he ran cr ap lto.

but Giles Cross is off 10:00 so regardless of rating should still surely be below Merigo on weight alone

This confuses me too.  Surely, Merigo must have been ahead of Giles Cross unless he was withdrawn, in which case stakes on him should not have been returned on the antepost market.

I wondered this too and couldn't find the relevant bit of the Rules of Racing. Maybe connections have the option not to be a reserve?

For example, hypothetically, a horse could have been entered in something today and connections would rather take the guaranteed run in that than the possible reserve run on Saturday.

The only conclusion i can draw is one which leads me to believe you have the choice to be a reserve or not? Seems illogical but is the only possible answer.

In my initial response above, I failed to spot that GC was on 10st and not 10-1 as Merigo.  I am now equally puzzled.

Could it be that the Handicapper has a free hand with choosing the four reserves irrespective of weight/original handicap mark?  Certainly Faasel and GC could have higher ratings based on performances since the original weights were set.