I agree that the SPP is simply a safety valve to avoid...

I agree that the SPP is simply a safety valve to avoid shareholder complaints about a lack of participation. It does introduce an interesting addition to the equation though.

SPPs take a number of weeks to undertake and manage. The share price at the time is unlikely to be near 38 cents.

If this placement is not followed by an immediate announcement of a large deal, consistent with management statements, the consequent loss of credibility is likely to see a price fall, and the SPP won’t be attractive at a 35 cents cost.

If a deal is announced that results in a price boost, 35 cents will look like a bargain and the SPP will be oversubscribed.

So, an interesting few weeks ahead.