In my experience 4 out of 5 SPPs don’t raise anywhere near the target.
Most holders of MNB have $xx invested because that is that is all they want to allocate to MNB, many just don’t have the spare cash.
This is especially the case for MNB because we’ve recently been down to 3.7c, those willing to spend more on MNB, or those with spare cash probably loaded up back then, which is chuk’s point.
What happens, is they announce a SPP at say 7c, holders sell above 7c with the intention of buying back in the SPP. The SP very quickly drops to the SPP price, quite often lower enabling those that would have participated to buy cheaper on market & not participate. I’ve seen this happen many many times.
Quite often companies do a CR and after that’s done, offer a SPP to shareholders at the same price, again it runs into the same problem
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