Ann: Immutep Capital Raising Presentation, page-19

indeed. Asking for only $5m from existing shareholders is poor form. I participated in a similar raising by STX recently, which offered $75m of new shares to instos and SIs but only offered $5m worth to retail shareholders in an SPP. I applied for $30k worth of new shares but got scaled back to only $10k. The SPP closed 2 weeks early because it was so heavily oversubscribed, and has since traded comfortably above the SPP issue price. I expect a similar thing will happen here - so put in your application early and aim high, expect to get scaled back. It is disappointing that the directors seem to have so little confidence in existing shareholders to support the company, and we end up getting heavily diluted. If we seek to maintain our relative position in the company we're forced to buy on market at a higher price, which does nothing to enlarge the capital base of the company, but only puts more money into the pockets of the sellers.