Anyone understand how the scale back works? SPP is raising $260m...

Anyone understand how the scale back works?

SPP is raising $260m and $429.4m worth of applications were received but ANN states 'As set out in the terms and conditions of the SPP Booklet released to the ASX on 5 May 2020, the scale back is being made on a pro rata basis to existing security holdings, with no minimum allocation and no reduction to the $30,000 maximum cap.'

Am I reading correctly that if for example I hold 1% (wishful thinking) of the shares held by those that applied I am entitled to 1% of the SPP? If this is correct then there is no way to no how many we will get until the shares are issued on 4/6.

As a side note: Only 40.7% of holders applied which I am surprised by.