5:1 Buyers to sellers ratio, page-24

SNM, how do u "understand" the ASX ANN of the SPP to say that? I think it says the exact opposite, that they will meet sholder demand as they have calculated the allocation sufficiently to allow for each "eligible" holder.

The SPP says that "at their absolute discretion" they may vary the SPP allocation (they will not vary it down but up due to the Corps Act minority interests and ASX Listing Rule treating sholders equally in allocations) but they have taken into account eligible sholders. Only Australian/ NZ sholders are eligible. Beyond that, not all will apply for the full allocation of SXY even if the SPP is in the money so unless they have got their sums wrong, there will be no scaleback.

The impact of the scaleback would be potentially huge reputationally: a Board that gets its math wrong may not survive 4 too long? The sums made by the company of the eligibility if wrong compared to the subscriptions would raise issues of competence and issues of equity vs EIG which might be tested legally by retail holders given the SPP. U either do a SPP or don't do it at all? U don't do it piecemeal, they creates legal issues of equity IMHO but pls DYOR.

I think the Board would have enormous legal issues let alone reputational if EIG were seen to be advanced over retail holders when Trevor Bourne and the Board have advanced an SPP as a sop to the EIG deal.