I have not delved into the matter of Institutional Placements,...

I have not delved into the matter of Institutional Placements, but my understanding is that management negotiates the issue of the new shares with an underwriter at a discounted price, and for a fee the underwriter agrees to place shares with institutions (perhaps also high-net-worth individuals), and agrees to take up what the underwriter cannot place.

One of the reasons why I like CCP is that it is not wont to indulge in frequent capital raisings. Pursuant to the 15/12 rule (ASX Rule 7.1), management can issue discounted shares to the big-end of town every 12 months, provided that the company issues on each such occasion no more that 15% of the shares then on issue. This discriminates against retail shareholders (us little guys). In CCP's current capital raising, $125m was raised at $20.45 a share. The SPPP to raise about $10m is just a sop – a minute percentage of what the Big Boys got.

The problem lies with ASX regulations, which makes it more difficult, and time consuming, to raise capital from shareholders, than an Institutional Placement requires. Anyhow, it's a done deed, and I am sure it will turn out well for us retail investors.

As I have no income beyond what I get from my SMSF, I have not been in a position to to back my sentiment, and buy more CCP recently. I bought 65 shares at $17.80 each (settled 24/12/18)), because that was all I could fund, and I bought 270 at $22.04 each (settled 14/03/19), because I thought I could manage the funds, but I was wrong, and I had to sell 130 a few days later at $23.28 (settled 5/04/19). That leaves me holding 14,005 CCP shares. I'll probably take up the SPP offer in full, but I'll work that out, and what I'll sell to fund the application, when I receive the offer details later this week.