why spp and not renouncable rights issue, page-2

Good question. Not sure why, are the smaller cap coys eligible? The SPP is limiting as it doesn't allow shareholders who want to buy more to do so.

9000 odd shareholders. Breakdown of MST shareholders is as follows:

There are 488 shareholders who own 100,001 shares or more;
There are 2,838 shareholders who own between 10,000 and 100,000 shares.
The remainder of the shareholders own less than 10,000 shares

RR issue would have allowed that top 5% to buy more and make up for the rest, as it stands they can only buy a maximum of $10,000. A large majority of shareholders (around 70%) own < 10,000 shares which worth $290 or less as at closing today so I dare say they wont be buying into the SPP.

Even 400 shareholders @ $5,000 each will get them over the line so quitely confident they'll make it.

I think an RR issue would have made it a bit easier although the Rights would have been sold down quite heavily you would imagine. Might have impacted on the SP adversly.