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chippas09, i don't understand your post at all? why didn't they make it a round figure? you mean in units or dollar value? makes no sense to me in terms of not only what you are trying to say, but also your reasoning.

ImpatientOne, i wouldn't be so sure it will be 'scaled back and next to worthless'. i've taken part in many SPPs, and the limit which they say they will raise is frequently increased after they receive all application monies.

plus factor in the issue is only available to australians and new zealanders, which will also help.

i've taken part in SPPs that were significantly in the money and were still undersubscribed. yes this is only a $20m issue, but i wouldn't write it off.

my guess is we will be scaled back, but i doubt we'll end up with only $500 worth.

there is no legal requirement that they make an offer to retail. and i don't think it is irrational at all to offer an SPP in preference to a rights issue. true, retail holders have been diluted in favour of the institutions, but just be grateful we are getting anything. at least the little guy gets a bit back by being able to increase his proportional holdings in the company via an SPP.

...and directors cannot be removed by other directors. a resolution has to be put forth and voted on in a meeting.