Pioneer Upgraded to a Buy, page-44

Of course I have read the fine print Basil..

The Company has also agreed to grant each Eligible Shareholder who participates in the Plan one option (on the same terms as the Placement Options) for every 3 New Shares applied for and issued (“SPP Option”).

The above subject to "shareholder approval" as per corporate rules and hence the legalese in the offer document.

Seems pretty fair to me that existing shareholders were offered the same deal (on the same terms) as Sanlam sophs that was way oversubscribed.

Whether shareholders take up the offer or not is their personal decision...