I don't subscribe to the statement that a less than 100%...

I don't subscribe to the statement that a less than 100% SPP take-up shows a lack of confidence. The SPP was a tack on to allow shareholders the same opportunity as the targeted CR, where they raised all necessary funding regarding going concern guidelines from Sophs & Industry players. They also clearly communicated additional upcoming NDF, grants, ATO rebates that they've determined will get the company through to commercialisation. While ADO will apply any extra funds they get, they simply do not need them.

Moreover I wouldn't necessarily associate a SPP take-up by folk that are as likely to ditch their extras into the market for a ST gain, but gain higher confidence in that Management have stated they will fully subscribe to their SPP entitlements - as their trading windows prescribe a much longer-term hold.