My understanding of the proposed SPP is it is open to all eligible share holders within Australia and New Zealand as of the record date, to apply for parcels of shares between minimum $2,000 and maximum $30,000 @ 24 cents per share. This would include RDM but only to the maximum of $30,000 (125,000 shares).
From the ASX 16/5/24 announcement 'Appendix 3B- proposed issue of shares':
'Describe all the applicable parcels available for this offer in number of securities or dollar value Each Eligible Shareholder may participate in the SPP by applying for parcels of New Shares valued at A$2,000, A$5,000, A$10,000, $A15,000, $A20,000, A$25,000 or A$30,000 Offer price details Has the offer price been determined? In what currency will the offer be made? AUD - Australian Dollar What is the offer price per +security? AUD 0.24000'.
I thought this was a fair offer to shareholders at the same price offered to sophisticated and industry investors given that the SP has been north of 30 cents which is also the strike price for the October options.
I hope this clears any confusion as to what shareholders are entitled to under the proposed SPP. I have complete confidence and in MMA management and look forward to taking up my entitlement under the offer.
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