Ann: A$10m SPP Closes Substantially Oversubscribed, page-56

Sorry to hear you didn't get any SPP shares

I wouldn't have thought it mattered either if one sold after the record date

As bad as the timing of the SPP was, I think the company has done a reasonable job with the whole SPP in trying to "reward" loyal shareholders

Eg. Higher allocation to those holding greater than 1 million shares

and no SPP shares for those selling (significantly) out of PEN after record date

and not accepting more than allocated $10M even though was oversubscribed.. this minimises further dilution, and if they do require more money later, can always raise at a much higher price (although hopefully with the options money, they will have enough cash now)