No I don't know, can only speculate really.
As ENN applies for their $15,000 of shares you can explain to them how the directors weren't playing favourites. Given the typical laziness of shareholders I think someone with 3000 shares has a good chance of getting their full entitlement if they try for $15000 worth even if the share price goes to $5 because it's a waste of time for the top 100 holders to apply.
The institutions underwrote their $1b our $0.5bn is not underwritten. If they knew shareholders would back them then they could have issued the whole lot pro rata. They had to know that they would get at least some money though.
It's hard to strike the right balance with these things.
Ann: Santos launches Share Purchase Plan Offer, page-38
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