The priority in allocation seemed to not diluting the interest of the holders applying so they maintained their proportionate shareholding. Result a bit like a rights issue. After that they allocated balance of available shares but not clear on what basis. Maybe there were not that many to allocate after the first exercise.
As you say, no real recognition of loyalty. They probably only did the SPP because they felt they had to do something for the retail shareholders to stop them whinging, not because their funds were that important. They could have got all they wanted from instos.
Anyone game enough to take full spp entitlement?, page-31
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