Ann: Share Purchase Plan Results, page-29

IMO the SPP needed to be changed because the market was falling going into the five day wrap period.
Whoever advised the Directors to use a variable issue price should not be paid any fee.
IMO the SPP was confusing to existing shareholders and as a result many chose either not to participate in the SPP or to buy on market at a firm (albeit higher) price.
Many of of NZS's actions so far appear to reflect inexperience.
The Chairman (who appears to be based in WA, even though the business is in far distant Christchurch) needs to earn his stipend by ensuring that NZS presents as a more professional business entity going forward.