Personally, I would prefer that the $5m SPP be offered to the Instos, just like what AVZ did - SPP cancelled due to over subscription from Instos. I understand that the management is trying to take care of existing retail shareholders. There's 2 reasons why I prefer no SPP
1. SPP for retail SH is too small - 1 rights for every 75 shares owned. Here's how I estimated it.
* $5m at 7.5c = 66.67m shares
* 5B SOI, 66.67m SPP is 1.3333%
* Divide equally, it is 1 rights for 75 shares owned
2. SPP process will takes time (3-4 weeks at the minimum) and meanwhile, the share price may hover around the SPP price. For every million shares you own now, you are only entitled to 133,333 rights. IMHO it may not be worth it to have the share price drag down for 3-4 weeks.
What do you think?
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