Hi Dirty,
Yeah, I'm not overly exited about it. lets take the devils advocate point of view though. If they simply bought them all back themselves, then they are using up the little cash reserves they have to tidy up the register. i doubt anyone wants that. . moreover, larger shareholders might gripe (legitimately) that they should be able to sell their shares back at that price too. So instead, the company is encouraging small shareholders to become bigger ones (a fair enough objective) and as part of that, they really need to offer a similar deal to all shareholders.
If it was kept at that, I would have shrugged my shoulders and gone 'oh well, fair enough', but I am a little concerned about the language in the release that hints at further dilution if the demand is there. hence, that makes it seem more like a cap raising than it does a simply tidying up of the register. My feeling is that they find themselves caught in between and have produced a half-arsed SPP that isn't going to make enough money to really mean much to the company, but is potentially large enough to dilute out existing shareholders who may not want to take on more risk than they already have.
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