" a significant proportion of these larger shareholders would have participated in the placement"
I think that's unlikely (but can't be sure). It would probably have been a few large institutions, plus management, 20 at most.
"I would be very surprised if the company allowed them to double dip and participate in the SPP. "
Their original holding would have permitted them to participate (and assuming they're all rational, they would have applied). The new shares would not have been eligible.
Ann: Completion of Capital Raise, page-78
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