@andy777,
The $30m figure makes some sense to me: it represents 14% of the total raising which is the same % as the proportion of shares that are in the hands of "small" shareholders i.e., those with holdings of less than say, 50,000 shares (which is estimated to include around half of those in the "10,001 - 100,000" category):
So, pro rated, it seems about right.
I note that there is provision to allow for more than $30m to be raised.
Given the state of the world, and the uncertainty, any prudent board will not want to waste the opportunity to de-risk its business as much as possible. I suspect they'll take $50m in the SPP.
That's still not a whole hill of beans on offer for each of the 16,300 shareholders (a little over $3,000 each)
But the interesting thing will be how many small shareholders actually take up their SPP in full (or indeed, at all) given the:
1. slim discount of the offer price to TERP [*], and
2. possibility of "SPP fatigue" starting to set in (heck, given how many SPPs are on the go at the moment, not many people are able to fire too many $30k bullets before their magazines are empty)
[*] While TERP is the usual way to assess upside from participation, as can be seen from just about all the raisings currently underway, shares are trading well above TERP, ex-raising (in fact, many are trading above last price before the capital raising announcement). That's testimony to the market being pretty efficient in pricing in the need to raise capital.
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