Ann: Completion of Entitlement Offer and Shortfall Notice, page-12

There are a lot of small holders where the 1 for 14 did add up to very much. So there was no point for them. Add the postage issue, and strangely there was no option to subscribe for more. All of which means I'm not surprised and I'm okay with the %.

Bear in mind most of ALK was held by retail holders prior to demerger. They might be loaded with ASM shares but won't necessarily have funds to put more in.

I took up mine, and wanted a little more but mostly because I like my holdings in nice big round numbers.

Given there was no option to subscribe for more than your allocation, I'd say this section of the raise was just to tick the box of including shareholders, and they don't really need more $$$.