Ann: Share Purchase Plan Offer and Terms-NTC.AX, page-4

The reason why the share price is where it is now is because they offered an SPP. Retail punters get told to finance the spp by selling shares they currently own effectively giving them a free option. Given fund managers know retail does this all the time they also sell with the anticipation of either picking up any retail shortfall if provided. Also when there is a 10pc discount offered on a placement you'll get a few cowboy fund managers trying to get stock with the aim of flipping it day one to make any small profit. This is why companies don't offer SPP. If there was no SPP the shares would be above issue. Retail does itself no favours.