In a very simplistic view - If you had 15k in the stock before...

In a very simplistic view - If you had 15k in the stock before the SPP and you didn't want to increase your exposure you would be willing to sell for anything above the SPP offer price to free up cash so you can participate in the SPP....as the spp closes about a month after the initial placement you effectively hold a free option over $15k of stock. Then the day before the Spp closes you can see if it is cheaper to buy stock on market if the current share price is below the SPP price or if it is above you can participate in the SPP - effectively guaranteeing a re entry into the stock at maximum of 2.95. Some punter might value this option highly and therefore he will in to sell shares a few percent below the spp price....obviously this is just trying to game the system and make a few cents out of timing stock buying and selling and you can get burnt through scale backs etc. hence why i invest over long term and ignore what happens day to day and week to week.