wsa clearly do not want small shareholders., page-7

Instos got 50 million because instos hold more of the shares - so they should get more. Small holders would have got more than the instos relative to what they owned - so did better.

The market cap of WSA is about 850 million (post placement and SPP). If small holders got 1 new share for about every 2 they owned, and the total available under the SPP was 15 million, the small holders who applied must not hold a big percentage of WSA shares. On these numbers the holdings of the small holders is probably around 50 million (ie 15 million issued under the SPP and they already hold about 30 million - to get the 1 for 2 allocation).

That means that the instos must hold around 600 - 700 million of WSA (or around 90% of the company) - and they only got 50 million for all those holdings.