Andy, this was my first SPP, but if they weren’t oversubscribed, I assume they would take the full $47k from everyone including someone who only owns $500 worth of shares. However, when a raising is oversubscribed and requires scaling, they do it relative to your existing investment. If that’s the case then it would make sense to continue to put the full amount in, hoping that 1) the deal is not oversubscribed, or 2) they upsize the SPP (which I recognise was never going to happen in the AIA case, but may for other companies).
Is that thinking correct?
Ann: AIA NZ$200m Share Purchase Plan Oversubscribed, page-30
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