Ann: Ramsay Health Care Completes Share Purchase Plan, page-24

"If someone told you in isolation that you could increase your holding by 1/3 at that level you'd be happy. The disappointment comes from salivating at the prospect of being able to load up at such a discount, only to receive a fraction of what you ask for."

Exactly; it's a matter of vastly over-blown expectations.

This capital raising results in a 13.3% increase in shares on issue for the company.

By comparison, SPP applicants get to increase their holdings by 32%.

The shareholders getting diluted here aren't the SPP participants: the dilutees are the institutional investors who did not get sufficient stock in the placement, and the astonishingly high 48% proportion of shareholders (a figure that simply smacks my gob) who did not participate in the SPP.

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