Ann: Dispatch of SPP Offer Booklet, page-10

I can see that is true for those in the low millions of shares, but if they made the purchase plan pro-rata most would go to the very large holders anyway. I don't think a company can treat some shareholders differently from others with a SPP ... so they used a cap to make the offer more attractive to small holders. As it stands if anyone wants .13 shares they can buy them. In fact they can buy at .125. If there was a demand from holders with a few million shares for more than their allocation at .13 shares offered on the market at .125 would be vanishing quickly.