I would be reasonably confident that if the SPP is scaled back by a percentage, say 50%, then all applications would be reduced by the same % regardless of holdings.
Someone with $100 worth of shares can apply for $30k worth and someone with 10m can apply for $5k, but if scaled back would become $15k and $2.5k.
Thats my understanding, otherwise they would do a rights issue, which is say 1 for 20 shares held for example.
This SPP didn’t require a prospectus and the cash comes into the company coffers a lot quicker in comparison to a rights issue.
SPP Entitlement, page-8
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