The top 20 shareholders own 71.62 per cent of the company. Total institutions (ie those holding more than 100,000 shares) hold 74.94 per cent of the company.
Not surprisingly, the institutions were offered $450 million or 75% of the placement. I think this is where the relative proportions come from.
If retail shareholders were offered more, it would be them diluting the institutions, not the other way round.
share purchase plan, page-34
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