Hi Hemmo, believe the change is due to this requirement
"7.1A.3 Any+equitysecuritiesissuedunderrule7.1A.2mustbeinanexistingquoted+classof the +eligible entity’s +equity securities and the issue price of each such +security must be no less than 75% of the +volume weighted average market price for +securities in that +class, calculated over the 15 +trading days on which trades in that +class were recorded immediately before:
As such if the vwap increases above the amount specified then they won't be able to utilise placement capacity under rule 7.1a at the nominated price, thus they would then need to restrict it to available capacity under rule 7.1, which doesn't have the same price restrictions. As such they would then need to reduce the offer size to fit within the reduced capacity available under 7.1
That's my humble opinion anyway and happy to hear additional thoughts.
Thanks
TON Price at posting:
4.1¢ Sentiment: Hold Disclosure: Held
