also note the language change: Eligible Shareholders may apply...

also note the language change: Eligible Shareholders may apply for up to $15,000...

I mailed IMM asking...
Two interpretations of todays announcement appear evident.
The first interpretation is that Eligible Shareholders are entitled to purchase a maximum of A$15,000 worth of new shares in the SPP.
The second interpretation is that Eligible Shareholders may apply for a maximum of A$15,000 worth of new shares and that these will be allocated with a scaled back percentage should total applications exceed the sum of A$10 million.
Would you please assist by clarifying the intention?

The reply left me scratching my head a touch...
1. Correct – eligible shareholders can purchase up to A15k worth of new shares.
2. Not quite – it is at our board’s absolute discretion as to how a scale back, if any, should be applied.

The difference in "Entitled to purchase" vs "entitled to apply to purchase" could be a $5,000 arbitrage opportunity to current holders. For various reasons - particularly todays SPP document, I agree with general opinion that the scale back option is intended, however this is not being clearly stated in other releases.

No more from this pedantic desperado. I'll apply for my entitlement and see what they give me.