@Dejavoo,
The COH SPP, the outcome of which was announced today, might be instructive in terms of boardroom mood at the moment when it comes to willingness to accept capital on offer.
In COH's case, the SPP applications amounted to $220m, compared to an indicative raising of $170m from the SPP. So, 29% over-acceptance.
In the COH case all investors participating in the SPP received their full allocation of SPP shares (on a pro-rated basis, mind. In this way the COH SPP is structured somewhat differently to the RHC SPP, given there is no pro-rata provision in the RHC SPP.)
Point is, when we in future years look back at the Great Corporate Recapitalisation of 2020, I suspect it will be with the observation that boards were more willing than usual to accept over-subscriptions in equity raisings, especially from retail shareholders given some of the negative publicity that accompanied the COH raising, which was one of the very early ones.
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