Agree - not publishing in this announcement how the shares will...

Agree - not publishing in this announcement how the shares will actually be allocated is a bad look - raises integrity and governance issues. The snarky response to the poster's email: "as we said, you'll find out on Friday" (paraphrased) is equally bad. Guess we'll just have to wait and see.

Note that in the announcement of the opening of the SPP, we have this:



And this:


So the issue is not really that they are scaling back (happens all the time, and when the share price is a multiple of the SPP price, and there's only $500k on offer, of course it's going to be huge). The issue is the lack of transparency about how they're doing it.

If the company is serious about keeping retail onside, they should publish an announcement that details the criteria used for the scale back.