Ann: Share Purchase Plan Documents , page-25

fuzzie
Yes it was ANZ. And a couple months later an SPP by NAB was oversubscribed by the shareholders to such an extent that the NAB could have obtained slightly more than they had been looking for without placing any shares through the institutional placement. We small shareholders - of which I was one - received a very small percentage of what we had asked for, because the offer had been scaled back. NAB explained this by saying that the offer had been made without the critical words "may be scaled back." I'm sure there was a lot of ill feeling generated amongst the small holders.
In the case of Lynas today, I believe they will have the legal right to accept all subscriptions. Whether the underwriting institution would be happy is another matter.
Another advantage to Lynas that I overlooked in my previous post is that I assume all of the costs of the $20mil SPP have been taken into account. It must cost Lynas extra time and effort to calculate the scaleback, and then to administer the return of the excess monies. So they obtain more money for less effort/cost, and I am sure would please all small share holders.
One last thought is that, perhaps, we should give the Lynas board credit for being strong enough against the institution to have the critical words "may be scaled back" written into the offer.
Cheers !
madlymax