I've been waiting for the SPP announcement too. I'm sure it said in the SPP offer that whatever shares are not taken up by SH, the new investors (they are still unknown btw) will take the remaining.
And I'll also stick to my theory that they have kept it below 8cents to be able to maximise their cut of the SPP, probably 10's of millions of SPP shares.
BIG gains - but why ...?, page-42
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