Ann: MEO Investor Presentation August 2016-MEO.AX, page-18

I believe the SPP for retail holders was just to appease the retail holders who would have cried foul if only the insto's got a chance to top up at what was then a discount to market.
Most SPP's fall back to around the offer price on relatively small volume. That's just the way it is. We can choose to buy on market and save a penny or two or support the company we are invested in by subscribing into the SPP, or do nothing. Our choice. I'll support the company every time. If you don't believe, why stay in?