Ann: Share Purchase Plan Prospectus, page-174

It's the 1 for 2 free options, exercisable at 20c, that come with the SPP shares that make it worthwhile. There are other more minor benefits also, like:

• Making sure IVZ has the capital it needs to complete its planned work;
• Reducing the cost of the capital raise for IVZ - I think it's 2% commission, rather than 4% for any shortfall placement;
• etc.

I think it's the SPP raise at 12c that is keeping the share price down, and it allows those who can't access the SPP an opportunity to buy shares at a lower price. Not ideal, but they are the ASIC rules I guess.