Ann: Trading Halt, page-142

One interesting thing is how any scale back is managed. There is a developing practice with SPPs to not just scale back by a set % of the number applied for, but to scale back based on number held at record date with the number applied for being a cap. The smaller shareholders get a smaller proportion than the larger shareholders in any scale back. The offer doc should say how it will work. So a smaller shareholder who thinks there may be a large scale back might want to buy on market around the offer price to be sure of getting what they want rather than rely on SPP.

I have hedged my bets like that but I run the risk that I have paid more than the eventual offer price might be if SP stays below offer price which I suspect it will not. In my experience of many SPPs over 15 years I found it tends to climb in the pricing period so the eventual price will be $6.66.