True, it is gaming the system if you hold extremely small...

True, it is gaming the system if you hold extremely small holdings, hoping to exploit an offer. Personally, I usually take regular sized, or even bigger than normal positions in firms I expect will have an open offer, as that way you are more likely to get a decent allocation. Many (perhaps even most) of the open offers made at the moment are pro rata offers, as is the case in the SOM, REH, and KMD SPP offers I am currently getting ready for. My holding in AIA is big for me, partly because I see it as a safe haven. Of the current open offersI'm looking at just AIA's offer is the more standard IPP/ SPP, except the maximum is $50k (which is bigger than the $15k max that we have usually seen in the past). Looking at the numbers in terms of the relative size of the AIA issue it looks like the SPP will be pretty heavily scaled back (if the market stays roughly where it is atm).

On another front, I find it interesting how the open offer mechanism is evolving, as you mentioned the other day about bank open offers having the SPP part relatively bigger nowadays. Interestingly, REH is having a three stage offer this time, comprising an entitlement offer, an IPP, then an SPP. First time I have seen that. Cheers Madamswer