Ann: ADX Upsizes Strongly Oversubscribed Share Purchase Plan, page-8

I'm trying to work out what the 'pro-rata' entitlement is that they mention;

for example, a shareholder with 10 million shares applying for $16,000 worth of shares as opposed to a holder with only 100,000 shares applying for $16,000 worth of shares

I'm assuming with 1,958,229,849 (say 2 billion) shares on issue, there will be 500,000,000 new shares issued under retail SPP.

So i'm assuming for every 4 shares held by shareholders, you are guaranteed 1 share minimum in SPP, but not every shareholder would have taken up entitlement, and some are instos from their placement, so your minimum entitlement would go up on a pro-rata basis


I could be completely wrong here. please stand to correct me if i am, i guess we'll find out friday