Further the structuring is just unimpressive if indeed the idea...

Further the structuring is just unimpressive if indeed the idea is to indicate support and equally allow shareholders to participate.

By running an SPP it not only caps the total to be raised by existing holders, but also the total any existing holder can take up.

One wonders why an accelerated and underwritten rights issue couldn't have been undertaken to achieve the same outcome. Perhaps a small placement if there absolutely must have been new holders brought on board.  But given so many existing holders are participating its a strange structure.