capital raised at $27, page-29

"Holders of the Macquarie’s ordinary shares who are registered as at 7.00 pm (AEST) on 30 April
2009 and whose addresses (as recorded in Macquarie’s register of members) are in Australia or New
Zealand will generally be eligible to participate in the SPP"

They had to be registered to you on the 30'th which can take days to process,

so if you bought them on the 29th or 30th, maybe not in time.

Thats why in the case of a rights issue there is usually an ex date, followed by a rec date,

Then so long as you buy before the ex entitelment date, and hold until the rec date, you are able to dispose of shares after the rec date.

In the case of this SPP, its a bit like a sneak attack, there is no warning.

You either hold or dont buy the time you find out about it, theres no chance to decide that you want to hold or buy in time.

I guess thats because most want to sell when they find out about it, as above.

Yes Sell all if you want, but talk to your financial advisor, and your broker to confirm my understanding.

If the market dumps on open to below the SPP price, then maybe its worth just holding on for them to recover, thats for you to decide