I agree with frankj that they leave the door open for accepting...

I agree with frankj that they leave the door open for accepting more if over subscribed.

To add to that the only other rule I can see in the below document (page 6) in relation to SPP's is

"The number of securities to be issued is not greater than 30% of the number of fully paid ordinary securities already on issue."

http://www.asxgroup.com.au/media/PDFs/Chapter7.pdf

So that's about 57 million shares possibly more on the increased number from tranche 1 (if that is also counted) that can be issued IMO under the SPP.

So my strategy at this stage is

If the SPP is over subscribed best ACL takes all that is offered to be on the safe side I reckon. I'll be a very peeved share holder if they don't accept all of the SPP monies in preference to the second tranche.

If ACL returns funds to us from an oversubscribed SPP I'll be assuming they don't really need the money and I will be voting no to all three resolutions.

If the SPP doesn't raise the $5 mill then I will cop the dilution and vote yes to all three resolutions.

Still staying flexible though if things change.