Yes, and it depends on how the offer is worded. But, as per my...

Yes, and it depends on how the offer is worded. But, as per my previous very rough calculations, if you assume the average non top 20 shareholder has 40,000 shares, it stands to reason that the average retail shareholder will have even less. Let's say it's 30,000 shares. That's only $6K worth of shares. Are those people going to take up a full entitlement up to $15K? I doubt it.

I actually got an insight into this from my wife the other day, who put a SPP for some crummy spec stock that she has owned for almost a decade (and has gone into her bottom drawer). She didn't even look at the letter in detail, just saw it was asking for money, and put it in the "too hard" basket. Many people will do the same.

Ultimately, from the companies point, I can't see them rejecting money if they can help it...