Ann: A$60M Equity Raise to Fund Restart of Production at Lance, page-77

Based on my experience of scale backs giving extra weight to what PEN has done in the past but noting the management is substantially new after the last big FU. (the acid versus base one not the IONX stripping). The scale-back is not a percentage but fine tuned based on the following factors.

In order of importance

• the amount of oversubscription
• the amount applied for by the applicant
• the amount held by the holder
• worse if the holder has a token amount e.g. less than say $500.
• whether holders sold in the time post Spp announcement.

I've said above there didn't seem to me to be way to game the system (worse because mgt will know what gaming was tried).
at present the SP post (and probably pre- certainly in my case) announcement generally has followed previous patterns (I'm saying for PEN and in general like e.g ARU, unlike BOE's). U price is a vagary in this one.

The scale back will be most for big applications giving my guess is $2800 plus a % say 25% of amounts above that

All IMVHO.