It's a hard one to fathom - why would you not have an SPP and...

It's a hard one to fathom - why would you not have an SPP and allow the holders a chance to accumulate for a 6% discount. It's not likely that it wouldn't have been fully subscribed. All I can think of is that there is some reason related to the registry and them not wanting to give certain holders a larger percentage than they already own. Or, some of their large holders made it clear they were unlikely to invest further.