Viper, I believe you are correct. A few things at play. 1 Shdrs know knowing what allocation they have taking a profit / rebalancing their portfolio. 2 SP adjustment given the larger no. of shares on issue. 3. X dividend on Monday the 4th.
I believe the first point had a bigger effect than we would normally expect because the significant positive difference between market price and SPP price encouraged high participation, likely resulting in oversubscription and scaling back of applications. Predicting this outcome many shdrs would apply for more than they wanted under the SPP. With todays announcement of full allocation they decide to sell some to get back to the allocation they wanted and pocketing a tidy profit in the process.
Ann: Share Purchase Plan, page-3
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