You are correct re SPP but they also have the options of a loan,...

You are correct re SPP but they also have the options of a loan, rights issue or placement to sophicated investors.
SPP would dilute MIN, so after all the trouble they have gone through I don't think they would go that way.
Loan means they can not get additional shares to increase their % holding.
Same for placement to their friends, MIN % goes backwards.
This leaves a rights issue as the most likely, imo - which MIN will underwrite.
No limit of an individual shareholder $ in a rights issue.
If they do not get to 80% a rights issue may be their best chance to make 80%.
You would expect them to pick up a few %.
They have been incredibly persistent in the 80%, so some promises have been made somewhere that they don't want to break.
I assume they are worried it may affect their credibility for future deals if they don't keep their word re the 80%.
A rights issue means they maintain their % and will be able to pick up any shortfall, increasing their % holding in NWE, plus get $ for underwriting.
Nothing wrong with this, all above board and normal.

Just my thoughts, DYOR