SPP's don't always get underwritten. They are more an...

SPP's don't always get underwritten. They are more an opportunity for retail investors to buy usually more than would be available in a rights issue at a discount. What often happens is retailers winge up a blue streak when the company raises capital a larger amount often fast from insto's who want in. SPP's are only allowed to be done every year or so. Now when they give retailers an opportunity. They aren't going to get it underwritten because the underwriter will want a further 2-5 % discount. It's highly likely the bigger players are taking their revenge by holding the price down so they don't get diluted. That doesn't exactly mean the Reail S'/H don't have the opportunity to buy at a good/ excellent price though does it?

Just ask M"Dib by now he should be an expert at it.

All IMVHO