A couple of corrections ...
The limit seems to be $15,000 (I wrote $5,000) in my earlier post.
The document is in on the ASIC website (I wrote ASX).
Now, having another look at the document ....
It seems as if the limit has been placed to allow companies to raise money without a full prospectus (i.e. via a SPP instead). The ASIC believes that putting a limit on the max amount that an investor can provide without a prospectus would limit the risk to the investor (point 12 on page 9 of that document).
It is possible that underwriters may not be restricted as they might be expected to carry out their due diligence.
I also vaguely remember that Prima Bimed had indicated that they would issue the shortfall in this manner, if required.
I do not think that they have done something incorrect. In fact, I would imagine that if the SPP threshold was at $50,000 they may not even had the shortfall. Some of the investors who may have wanted to buy more, couldn't with the limit.
CHeers,
Jai.
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