Ann: Share Purchase Plan Update, page-14

I dont think there was anything to criticise personally serena. They received alot more subscriptions than they expected (a good thing and shows the huge confidence in both the company and management IMO especially when many specs are having issues even fulfilling their SPP's) and they needed the day to determine how much more $$$ to take while also considering the other things like how much extra dilution that would mean etc...very smart IMO as they came to what they see as a good balance of "rewarding" loyal shareholders and taking some of the extra $$$ but not causing too much dilution to those that didnt take up the offer.

For those still unsure all SPP offers were scaled back 20% so you will get 80% of what you subscribed for and the refund for the 20% difference will go back to what ever bank account you have on the share registry and in past experiences I have found that takes anywhere from 1-2 weeks but depends on how quick the individual registry processes the refunds.