Ann: Trading Halt, page-74

@Bags McDuck it can be done cheaply and effectively (i.e. ~2days - 2weeks) with instos/sophisticateds.

1. fees are actually an important factor most overlook. Usually a SPP announcement will be 3-5 pages & the booklet 10-20. But behind the scenes they are an entirely different beast. They are complex legal documents and require a lot of counsel (accountants, lawyers etc) and this can incur immense $ costs.
2. Time frames, as you point out, are an important consideration as it usually takes 2+months to execute from start to finish. Consider again the administration $ costs.
3. Who's to say retail wouldn't offload quickly for a quick profit?

In my experience, whether it's SPP or CR to insto/soph, SP will get within 10%-15% of offer price.

It's common for retail to feel like they've missed out / it's unfair etc (as is human nature and "it's all about me"). But most don't consider the flip-side. If SPP was not completely subscribed, the time & effort & cost just comes back to bite them. And the company STILL need to go to instos/soph to make up the shortfall ... and guess what, that would be at a greater discount again.

All food for thought. DYOR. IMO.