For what it's worth the following is from Chairman's Letter of 6...

For what it's worth the following is from Chairman's Letter of 6 May:-

"Ingenia is targeting to raise up to $25 million under the SPP. Ingenia may, in its absolute discretion, increase this amount in order to prevent the need for a scale back should total demand under the SPP exceed $25 million. Ingenia will use its best endeavours to ensure that SPP participants have a reasonable opportunity to participate equitably in the overall equity raising. Accordingly, any scale back arrangements will be applied on a pro rata basis to all participants having regard to their existing security holdings."

Clearly, if there is demand, the issue must be at least $25m, but they can issue more if they want. Beyond noting that applying early would not have helped, I'm a bit lost as to what the rest of it means.