Well it all depends on how MAK handle a scaleback when the SPP is oversubscribed. The full details will be set out in the offer letter to be sent to eligible SH after record date.
The HZN offer letter stated that "Horizon Oil may, in its absolute discretion, undertake a Scaleback to the extent and in the manner it sees fit. Preference will be given to those Eligible Shareholders who were shareholders immediately prior to the announcement of the SPP...."
However, unlike HZN, MAK (as mentioned previously)stated in the SPP announcement "Each offer to eligible shareholders will be made on the same terms and conditions". I take it by this statement that new and old shareholders at record date will be treated alike and therefore I believe a scaleback will be done on a % basis for all applicants. Hope I,m wrong tho.
Nick D
email to management, page-33
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