what’s the difference between a placement and SPP?A placement of...

what’s the difference between a placement and SPP?
A placement of new shares is invariably done by a broker or brokers to their wholesale investor clients ( high new worth individuals, family offices and institutional ie fund investors ) . Listing Rules restrict the size of a placement to 10% of capital in any 12 month period but this can be increased with shareholder approval at an extraordinary general meeting.
The SPP or Share Purchase Plan is effectively controlled by ASIC instrument Under ASIC Corporations (Share and Interest Purchase Plans) Instrument 2019/547 the value of shares or interests that can be issued to holders is restricted. The macimum investment is $30k and it can only be offered in 8 bands starting at the minimum of $1k , $2.5k and another six up to $30k .
There are a few additional rules like the issue price in an SPP must be at an integral multiple of $0.001 so an SPP at 80.355 cents cant be done but 80.35 can. No such restriction applies to placements so that a placement can be done at 80.3555 cents per share.
If you are shareholder on the so called record date [ which in this case is 17 April] you will be sent an SPP Offer document . THhs SPP is restricted to a maximum of 6.25M shares so that were aggregate applications from shareholders to exceed the $5m limit then each SPP applicant will be subjected to a proportional scale back. Were SPP applcations to fall short of the $5m then the shortfall could be offered to wholesale investors. The secret is to get to this wholesake investor class be making judicious investments in stocks to get your net assets to the $2.5M threshold which i understand the government intends to increase to $4.5M.