Although market mood is very volatile, we should end up with an...

Although market mood is very volatile, we should end up with an SSP over subscription, IMO. My stab-in-the-dark answer to your question is an acceptance of 60% of the applied-for shares, because that is just under what I experienced in the previous CR. I think that percentage was fixed for all applications, except those completely rejected for being ridiculously small.

If the SSP is over subscribed, management could reduce the scale-back by increasing the target. In the previous SSP, management doubled the target, suggesting that had this not happened, SSP application acceptance would have been only 30%, and that would have peeved many shareholder.

The target CR including the institutional $120m is $150m, and that was stated to reduce gearing to 10%. That suggests to me that if CCP doubled the SSP target, the extra $30m would reduce gearing to close to zero, probably with a bit extra for the petty cash box. Under the circumstances (the good options to use cash), I do not see anything wrong with CCP accepting the extra funds.