I applied for double amount on the SPP - ie $40k instead of $20k...

I applied for double amount on the SPP - ie $40k instead of $20k in the hope of picking up some shortfall. When a company has been priced by the market for the risk of not being able to refinance its debt - ie potential insolvency - and then resolves that problem by issuing a large amount of new shares, they are the ones I want to buy. Effectively you are buying something that was trading at a discount to true value (because of insolvency risk), then getting a further discount because the instos demand it in order to support the volume. There have been many examples of this (eg GPT, GMG, AIO, QRS)and most have performed extremely well after recapitalising. The share price should eventually (over a period of months) gravitate back to fair value. I'm not going to try to suggest fair value - I just know its a lot higher than the 15c I paid in the SPP. Another one that looks interesting is BBI, but its a very complicated restructure, whereas Elders is very straightforward... ie its not hard to understand the value.
I'm not buying the SPP for a quick sale - I will hold for a while.