$2m dilution recipients are not entitled to participate in the...

$2m dilution recipients are not entitled to participate in the SPP. Also some existing denied if they vote against anything! lol.

But I think you are right. the SPP and the free offer may have been to entice retail to sell and try for the option instead of risking more cash when the board kept on undercutting the share price and then maybe lock them out. Will be interesting to see.

Given 'at management discretion' despite the statement of 'pro-rata' scale back it will be interesting to see if retail are allocated different percentage scale backs depending on who they are or whether the 'pro-rata' scale back stands. But I doubt any favoured shareholders getting a full allocation 'at management discretion' will be forthcoming in such an event.

Depending on how it plays out it could reinforce retail views of this company.