It depends whether the CR is a placement to a specific counterparty or group of counterparties, or a broader CR, like a SPP (share purchase plan).
A placement can be an agreed SP, but usually somewhere near recent trading range (like the GM price) but a SPP is guided by listing rules and usually linked to VWAP (volume weighted average price) over a time period prior to announce.
Hope that makes sense.
QPM General Discussion Thread, page-1802
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