Why is Bruce Neil not participating in SPP

Very interesting, a significant shareholder notice has been given for Bruce Neill, stating that Mr Neill will be fully diluted rather than participate in the capital raising.

A very brief back ground on Bruce Neill:
He is one of the largest shareholders of IOOF having received shares through previous M&A which resulted in his funds management company being acquired many years ago.

He is a very astute businessman and is one of Tasmania's 'movers and shakers'.

The key for me, is that even though he hasn't been a director of IOOF, as a long term significant shareholder in his own personal right, he would have a good inside working knowledge of IOOF.

So my key question is why hasn't he subscribed at all to the capital raising, not even a partial subscription, zilch, zippo, none!!!

So if Mr Bruce is not subscribing he obviously feels the numbers don't stack.

If Mr Bruce is not participating, I think I won't either. He knows this company much better than myself.