I recall a recent example of a scale back based on the...

I recall a recent example of a scale back based on the applicant's holding.

It is Audinate (AD8) which is fairly hot tech share and the A$4M SPP in 2019 was 9 times over subscribed. The whole CR was very like Serko's with a nominal SPP for existing shareholders compared to what the instos got. The scale back was massive and a lot of applicants got almost all their application money back a week or so after the offer closed. AD8 did not say in the OD just how it would do the scale back.
AD8 advised:

"The SPP allowed eligible existing shareholders....the opportunity to subscribe for up to A$15,000 worth of ordinary shares in Audinate (Shares) at the discounted price of A$7.00 per new Share. As stated in the SPP Offer Booklet, Audinate capped the raise under the SPP at A$4 million and reserved the right to scale back applications under the SPP if it was oversubscribed.

A Scale back policy has been applied such that applicants who held more than 100 Shares on the Record Date will receive an allotment of new Shares under the SPP equal to approximately 4.75% of the aggregate number of Shares they held on the Record Date, up to a maximum value of $15,000 worth of new Shares (based on a Share price of A$7.00 per new Share)"

I did not apply for the full amount but still got my miserable 4.75%.

We could do a bit better than that but the NZ shareholders are in this one as well.