Ann: Full Subscriptions Received for Share Purchase Plan, page-21

SPP was undersubscribed due to limiting retail investors to max buy amount of $15,000. This could have been a deliberate strategy by the board as it enabled the Board to place the additional shares with NEW sophisticated investors at a discount to the current price. This strategy helps to expand the shareholder base by providing new sophisticated investors with a reason to Buy KTD.

Just imagine how oversubscribed the SPP would have been if there wasn't a $15,000 cap on Retail investors. I would have subscribed for more.