Equity raise process, page-80

Michael,

Like WEB's CR, FLT's CR is also taking the form of a non-renounceable* Entitlement Offer (aka a rights issue). It's different to a SPP in several respects and the most important difference (wrt to your question) is that existing shareholders who were shareholders as at the Record Date (basically, existing SHs during the recent suspension) are 'Entitled' (i.e. have the 'right') to apply for and receive 174 new shares for every 100 they already owned at a fixed price of $7.20 per new share. It's a guaranteed allocation for those who are eligible and wish to participate. There's no uncertainty regarding the number of shares you are entitled to apply for/receive and no uncertainty regarding the price you will pay. It's as simple as that.

There will also be an retail oversubscription facility whereby you can apply for up to an additional 25% of shares over and above your guaranteed allocation, if you would like to purchase more. Any additional shares you might apply for under this facility may not be a guaranteed allocation, although the price will still be $7.20. You can also apply for fewer new shares than you are entitled to - also at the fixed $7.20.

(*The 'non-renounceable' bit simply means that the Entitlement Rights are not able to sold by existing shareholders who do not wish to participate in the Offer to anyone else. Sometimes those rights are open for trading in their own right during a limited time window (i.e. when the Offer is classified as 'renounceable'), but that's not relevant here and you don't need to worry about it.)