It depends on how they choose to scale back applications. Its entirely at their discretion.
As an example, QBE scaled back based on number of shares held as of the record date. Larger shareholders got their full allocation, while smaller shareholders got as little as 20% of what they applied for.
I have seen on other SPPs they have stated upfront that if there is any scaleback, shareholders still on the register get priority over those who sold to take up the SPP.
So you may get less than you otherwise would if you sold out before shares were allocated. Or you may not get less. Its at their discretion and we probably won't find out before the allocation decision is made
mgq spp - scaleback, page-29
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