Ann: Trading Halt, page-365

Keep in mind when comparatively looking back at the movements between September's 2020 Top 20 at May 6th 2021 and that of the Top 20 after the 1 for 6 rights issue.

And on close inspection you will find that even though the number of Total Shares outside the Top 20 which increased from 37.99% to 41.78% - The shares inside the Top;20 from Sept '20 - May 21 had increased in absolute terms by 461,124,574 ( excluding the recent 95 million to Acuity ) while the shares outside the Top 20 have increased by 1,328,098,833.

And it's interesting that if you take out the movement resulting directly from Piedmont and some of the other peripheral issues and conversion of OC's along the way , the effective additional shares coming on stream apart from the approximate 350 - 375 million taken up by retail holders outside the Top 20 in the last raise , you have basically 900 million being added since September to then balance being currently held of the total SOI outside the top 20 at May 6th 2021.

And so knowing this , they most likely want to structure a raise which looks to ' tighten ' and increase the holdings of the current Top 20 to more like around 55 % to as high as 60% I would think. And they do this by perhaps structuring the SPP more towards the Institutional offering to that of the $5 million retail offering. In other words it doesn't look to to benefit the organisation all that much by increasing the retail component of the register when it has already increased to a significant extent from that of last September.

And so if you look at the number of those who were holding balances of 100,001 and over , the 'absolute ' numbers per last September Annual Report were 1,936. Take off the Top 20 off this number and you will obviously get 1,916 holders. Alternatively if you add BOTH the categories of between 100,001 and over with the category of between 10,001 - 100,000 of 1,869 holders , you will get a total of 3,805 shareholders - Take off the Top 20 again to get a total of 3,785 approximate holders.

And numbers tend to trend along similar ' demographic ' categories , so this is why I reckon they could potentially offer the SPP on a smaller ratio like FLT .....albeit with their Cap raise , the proportion of dollars raised was significantly higher from the retail component.

Every company's register is different though , but SYA's is significantly eschewed towards retail holders than Institutional holders. This could be also why they elect for a $30,000 SPP on a first in best dressed basis because they know that a lot of small holders who have significantly less than $15 or $30 thousand to invest will opt out and they will achieve the same result in bolstering and lifting the Top 20 overall percentage.

This is just my view , but I also reckon the raising is more complicated and ' financially engineered ' and so believe we might even see a suspension and additional time complete the terms of this raise. Plus it will clear the current BID v OFFER prices to a level playing field as it should in what amounted to an volume bid ' book build ' offer to the heavy weight proposed Institutional being offered this stock.

One thing is for sure , they are not going to be in this for Retail to just turn around and ' F ' it up for them.......