Ann: Extension of Share Purchase Plan, page-5

Institutions paid $3.80 p/s for a total of $525 million raised during the same round of capital raising as the S/P plan to shareholders. They couldn't have offered equal shares to shareholders at $3.50. The plan offered to shareholders actually includes a clause that offers the shareholders an opportunity to purchase at a lower price than institutions paid if the share price drops below $3.80 for a five day averaged period. Here's an excerpt

"The SPP supplements the recently completed A$525 million institutional placement conducted at A$3.80
per Share ("Placement"). Eligible shareholders participating in the SPP will be able to purchase Shares at
the lower of:
• A$3.80 per Share, being the same price paid by institutional investors under the Placement
announced on 5 December 2023; and
• a 2.5% discount to the 5-day volume-weighted average price of Shares traded on the ASX up to,
and including, the SPP Closing Date (currently 16 January 2024) (rounded to the nearest cent).