Ann: Afterpay closes Share Purchase Plan, page-53

I didn't read any comments about issues with the math in this statement, or maybe I'm missing something. More than 15,000 shareholders took up the SPP offer and APT received $240,000,000.

Problem is, that would require approximately 16,000 shareholders to pony up $15,000. Specifically $240mln/$15k=16,000 shareholders at full SPP. Even if several shareholders naively submitted more than $15k, the numbers seem out of whack. I know that not everyone submitted $15,000. (Mine was $10k, but I know others submitted $4k because of their financial limits).

In fact, if all 15,000 shareholders who participated received the MAXIMUM $1,955 of new shares, the total would be slightly less than $30 million. Coincidence?

That said, I applaud APT's board for setting a minimum allocation, which benefits smaller shareholders. They might have excluded the opportunists holding only a few shares (e.g. less than 5 shares) who wait for underpriced SPPs. Yes, they exist and yes, that exclusion criterion has been used, within the past few months I recall.