Scale back will be particularly hard on smaller shareholders if heavily oversubscribed. Recent SPPs where I have been involved that were heavily scaled got me 5% to 12% of my holding at record date as I was at smaller end. So I did what you did for another SPP and bought on market at around SPP price and gave SPP a miss.
As for taking post record date purchases into account I suppose OCC could deduct these from the eventual entitlement and allocate the balance.
It seems to me that all these SPP conditions that may or may not be enforced could have a distorting effect on market.
Ann: SPP Offer Document and Terms And Conditions, page-5
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