SPP - Close early or scale back?, page-22

From ASX release 25 May 2016 re previous SPP @ 38c.
Unlikely to get even the 39.6% of the amount applied for as per last time.
Unless the company rewards its loyal shareholders and accepts the over subscriptions to the same level as the recent handout to the '708 Investors'.

​

"Share Purchase Plan
Pilbara Minerals Limited (ASX PLS) wishes to advise that the company’s Share Purchase Plan ("SPP") which closed on 18 May 2016 has been heavily oversubscribed, with applications in totalling $50,685,000. The maximum value of the shares at the SPP offer price that the Company can issue is limited to $15,000,000.
In accordance with the SPP offer document, the Board has exercised its absolute discretion in determining the allotment of securities where the offer is oversubscribed.
In exercising its discretion the Board has sought to recognise shareholders who have retained their investment in the Company above a threshold number. Accordingly applicants holding less than 5,000 shares as at 20 May 2016 will not be allotted securities under this offer.
For those shareholders who will be participating in the allotment, the number of securities applied for will be proportionately scaled back, with allotments being approximately 39.6% of the amount applied for. The Board appreciates the strong interest by shareholders in this offer and regrets that not all applicants will be participating.
Whilst directors and their associates made applications pursuant to the offer, in view of the substantial oversubscription, they will not receive any allocation."