Ann: Securities Purchase Plan Results, page-15

That's not how capital markets work. Institutional investors is cheaper to underwrite hence the company knows exactly what they are receiving and Instos can always provide the volume. Retail investors are less predictable, with SZL and KGN having to scale back massively while APT (as an example) didn't get full allocation. The volatility is due to the fact that it depends on the premium of the share price to the closing date of the SPP. Higher premium means more retailers want to participate. That volatility isn't there for instos as they are done prior to market release of a cap raise.