The CTO SPP result last year was announced 2 weeks after the closing date. So hold your horses we're not at that stage yet.
The company has to go through a number of checks on each application to make sure that they satisfy all the conditions (residency, < than $15,000 in a year etc etc) before they can allot the shares.
They are not entirely comparable but last year WBC closed it's SPP on Friday 30/1/09. The SPP results announcement was made on Tuesday 3/2/09, just over 1 business day later.
Since CTO is raising considerably less than $442mill from considerably less shareholders, 2 weeks seems like an eternity.
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