Pilbars, the point regarding the SPP is not about the funds being underwritten. The shortfall means that if there is a number of shareholders that don't take up their SPP entitlements then the underwriter wears the stock. If that turns out to be significant then their is overhang in the mkt and sooner rather than later that stock is either placed or sold directly into the mkt.
Ann: Trading Halt, page-18
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