The annual report distribution schedule shows 2,518 holders with...

The annual report distribution schedule shows 2,518 holders with shares between 10,001-100,000 and 782 holders > 100,000 shares.

I've excluded those holding less than 10,000 shares for my calculation.

I've also assumed that the 2,518 bracket has increased to maybe 4,000 in the interim considering the recent run from 14 Sept to October 15 (record date of SPP).

4,000+782= lets round it off at 5,000 holders

40% participation (very generous considering history) therefore this equates to 2,000 holders at the maximum $10k average each = $20m

Therefore everyone gets filled 100% of their subscription

Rgds

Prof