Early closure has happened but is quite rare. There are all...

Early closure has happened but is quite rare. There are all sorts of ways they can do a scaleback. However there is likely to be a minimum allocation, and after that the common approach is to apply a simple percentage scaleback to the various dollar applications (which can sometimes be very high, 50%+) and they can also do a scaleback that reflects the holding at the record date, or do something else. In my experience of a lot of SPPs over many years, they tend to give some indication beforehand if they are going to do some very fancy scaleback, and overall companies tend to prefer the approach which is simplest for the company. Where the scaleback could be high, as with ABB, selling after the record date expecting to get an equivalent number of shares back at a cheaper price is to invite disappointment into your life.