Ann: Redflow progressing multiple commercial opportunities, page-8

FOMO might yet see me participating in the SPP, though I am currently still undecided.

One thing I wonder about is why they mention that Simon Hackett is taking up $250,000?

To me that sounds like a dis-endorsement, rather than providing confidence in the SPP.

Simon Hackett has been selling down over recent times and his last Substantial shareholder notice (24/4/23) saw him holding 9,304,526 shares or 5.18%. Since then he sold a few more shares as detailed in the "Ceasing to be a Substantial shareholder notice" from 4/5/23, in which we are told that he sold a further 340,302 shares taking his holding as of that date to 8,964,224.

Assuming he did not sell down more shares since then, this would see him entitled to 4,482112 shares or $941,243.52 worth of shares in the SPP, yet his is only taking up $250,000.

Please explain to me if I interpret this wrongly, but either Mr Hackett is only taking up about a quarter of his entitlement, which is hardly a ringing endorsement for the SPP,

OR

Mr Hackett has sold off a lot more shares since he is not a substantial shareholder any more, which would be a even stronger dis-endorsement for RFX.

Now I understand that people are free to take up all or none of their entitlement, but wrongly or rightly, I assume major long term shareholders have more insight about just how tangible potential opportunities are than poor plebes like myself.

If they do not take up their full entitlement...