big thumbs down, page-25

that's not the way it works ewere. it is against ASX rules to announce an SPP with the record date for eligibility in the future. if you are not on the register before it goes into a trading halt then you are not eligible.

as far as people selling now to buy back in the SPP, for small raisings that are in the money, you are almost guaranteed to be scaled back. it's a fair play in an entitlement issue where you are guaranteed an allocation, but for an SPP it is a very unwise choice. you have the potential to be scaled back to buggery. companies can also look at how many shares you had at the closing date and scale you back based on that.

it has happened to me. with one SPP i thought i would be sitting on a nice $6,500 profit, but when allocations were made, they reduced what i got due to the fact i had sold down to fund it. net result a $100 profit, instead of a $6,500 one. ouch!