News: ZIP Zip Co Says Completed Fully Underwritten Placement Raising Of A$217 Mln, page-20

They want to raise $50M, true, but here is their statement from my ZIP letter(s): "The SPP aims to raise up to $A$50 million, and Zip reserves the right to increase the size of the SPP at its discretion. The SPP may also be subject to scale-back of the applications at the absolute discretion of Zip."

So, do you interpret that as "well we want $50M but may take all of it or less of it depending on how we feel about it once we have our hands on your money"?

If there's a scale-back, it's unclear how they will calculate it—could it be a simple percentage, or prorata being generous to small allocations first (e.g., first $x at 100%, second $x at 50%, then 25% of the residual)?