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Here's another theory:

Consider this...they have stated they can cancel or scale back the SPP at any time.
Could the reason for this be, in the event of a duster at HS-1 before allocation of the new shares, they could cancel the SPP as the SP would be under water by quite a margin, making it unfair for the people who had already sent in their monies?

I just can't see them holding those monies and saying tough luck buddy.

If this is the case...there's no reason to not participate in the SPP before the deadline and a refund would happen.

Food for thought.