I assume the statement below indicates the overall retail...

I assume the statement below indicates the overall retail component was in line with the institutional component on a proportional basis. Obviously retail holders who took up the full offer were able to increase their relative holding. The corollary of that, is that many institutional holders may not have taken the full offer and there were winners and losers in that part of the placement as well. What I meant by 'cutting it fine' was that if the retail offer was any lower the insto offer would have diluted retail holders. It has been my experience in other raisings that companies are very reluctant to do this and tend to err in favour of retail holders. Perhaps it is the exact fairness of this deal that has some of us slightly underwhelmed, as we are used to being favoured!

SPP announcement quote:

The increased cap of A$300 million results in retail shareholders being allocated approximately 20%
of the combined total raised through the institutional placement and SPP (together, the Capital
Raising). This is in line with the estimated proportion of retail investor ownership of total issued
shares prior to the Capital Raising.