Ann: Placement Completion Announcement , page-16

Yes Invertedva. We won't know how many shares eligible shareholders will be entitled to under the SPP until the "cap" is determined by the Board and we won't know that probably until Friday.
They say that they have had a strong reaction to the Placement and at .22 and with what we know and expect, I would imagine that they will be over subscribed and that there is a strong chance that people will not get their full $15K worth.
It is also possible that the SP will not drop too far below the current price as often happens, due to the interest in ICN.
That is why I would have thought it to be "risky" to use the old ploy of selling now and waiting to buy in again at the discounted price. It just might not happen and you could end up missing out completely. Why take the risk? Just buy more IF it does go much lower and maybe, sell them when the price recovers, but, not the other way around.

Under Rule 7.1 the company has to obtain shareholder approval to issue MORE THAN 15% of its I.C. They have already issued 45 mill in the placement, which leaves around 28 million that they can still issue without shareholder approval. I reckon that they will go VERY quickly under these circumstances and people will be very lucky to get their full entitlement.