Prospectus - Friday 19 FEB 16, page-87

It is a public offer, and any public offer can be underwritten, which essentially means if the "public" allocation isn't taken up in it's entirety someone else (usually an insto or large soph) will take any left overs. Thing is, how they distribute the shares issued is at the discretion of the company. By way of a few recent examples;

a) in VERY few circumstances the offer is essentially distributed evenly to applicants, but only receive a small portion of your allocation as the retail offer is inevitably oversubscribed (BUD)

b) The offer is distributed to the public but in a first come first served basis (which tends to create subscription by way of FOMO) (RYG)

c) The distribution being made only to directors (ODN)

d) The distribution only being made to large sophs, seed investors, cicero etc (likely to be SRT's direction)

In all of these circumstances the average retailer either receives nothing or only a very small portion of their allocation. SRT is unlikely to announce their intent verbosely and you'll only find this out when the allocation is complete. They have however given every indication that there is big interest from large backers so I'd be very surprised if retailers get a look in at all. It's nice to think coy's will "reward" their retailers by allowing participation in the offer but to achieve a solid registry they'll want large, sticky, holders, not retailers in for a quick buck.

When someone says something like "why not sell your shares at 2.2 and buy back in with the offer" you need to seriously question their motives or their intellect.