The first stage of the SPP 23rd April offered the institutional...

The first stage of the SPP 23rd April offered the institutional and sophisticated investors shares @12c each.
At the time ELK was trading at 13c
Second Stage of SPP ,16 th May, the offer to retailers remained the same as announced on the 23rd of April ,that is Shares @12c .This rep 14.11% discount to the average closing market price over the 5 days prior to the SPP announcement ($0.1297 )
the difference is that the SP dropped to 9c
On the 16th May the sp was 9c
As such how does the company expect retailers to participate and PAY 4cents MORE than market price.?
Retailers usually get a discount not pay a premium price(4 c more)
May be ELK should review this situation.