Ann: Kingsgate completes $46M institutional placement, page-110

I suspect the main reason the share price today went to the SPP price of $1.50 was because the SPP's record date is last Friday. Such a clumsy record date means you can sell now and are still entitled to the SPP later, while there is no incentive to buy for the right to SPP so there is more selling pressure relative to buying. In fact, if you already sold out last Friday at $2, you can buy back at $1.50 through the SPP since you'd still be registered at the record date.

A more rational and fair record date would be 30 March or later. In this case, the current share price would include the right to the SPP (until the ex-date). Also, anyone selling out last Friday would then not be able to participate.

Perhaps a good way to illustrate the irrationality of the SPP's record date being last Friday is to imagine what if the company today announced a dividend with a record date being last week.