ASIC Corporations (Share and Interest Purchase Plans) Instrument 2019/547
Conditions: full of compliance and regulatory jargon...nothing to see
Nowhere does it state about scale backs and the number of shares to be allocated in the above law.
So it's up to the DISCRETION of BOD.
Discretion = first in,best dressed !!!!!
Otherwise they would have to go through every single application.
Having participated in quite a few, I have a pretty good knowledge of how they work.
All IMO
Ann: Share Purchase Plan Update, page-75
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