issue, page-5

I would not be surprised if they only looked after their mates.

I have been burnt in the past when a SPP has been announced and the share price rose to so far in the money that most existing shareholders didn't get an stock as management actually has discretion who to place the stock with.

I confirmed this with a contact who is MD of a small listed company. That is, there is actually no legal obligation for them to spread it among all security holders even if you apply for the stock.

So, this will be interesting. Obviously, if they have are decent blokes, and there is an oversubscription, then they simply scale back so all get a piece of the action.