Ann: Share Purchase Plan closes early, page-21

The fault is not at all on shareholders who were not fast enough to take part. From the outset, the CR was massively favourable to institutions, who got eleven times as many shares, and who got to quickly dump the shares on the market before shareholders could even buy in. This whole scheme amounts to a dilution and a wealth transfer from shareholders to said institutions, and is a dereliction of the executive's obligation to act in the best interests of their own shareholders. If this were not so, then the SP would have rallied if the extra capital was not superfluous and instead added net value to the company.