Ann: Share Purchase Plan - Offer Letter, page-13

In my view you have misinterpreted the reason for the call around. I have no doubts that management could have easily raised the extra $3M via institutional placements. The purpose of the SPP is to provide retail holders the opportunity to participate at that discounted rate so they do not feel as though they were diluted / not provided the same opportunity. The call around in my view is a courtesy bringing it to the attention of existing retail shareholders so they do not miss out on the opportunity. How many participate will presumably depend on where the share price is closer to 2 March 2023.