I think management are doing a good job in sourcing and...

I think management are doing a good job in sourcing and executing deals. But the increase in value of the SPP from $2.75m to $5.07m only took it from 9.75% of the total cap raise to 16.6%. The lion's share has gone to institutions.

Anyway - I get that everyone is happy after a recent share price increase, but for me it's a flag when external institutions are given greater access to shares at a discount to market price than existing shareholders. And there is still a separate tranche for directors and employees to come. Director's haven't limited themselves to the same allocation rights as regular shareholders.