I think we could see the SPP play out 3 ways dependent on that...

I think we could see the SPP play out 3 ways dependent on that all important VWAP of the 5 days leading up to closure:

1. VWAP >16.5c : This I think would lead to the most people taking up the SPP, but also a lot of dumping on issue as the quick profit will be too much for most, so would most likely see a sharp drop immediately on issue.

2. VWAP 14c - 16.5 : With the market price so close to the SPP many prospective subscribers would be thinking "Why bother?" I imagine this having the lowest take up, and things keep trading as usual

3. VWAP <14c : Now this I think would be very interesting. You get a 10% discount on VWAP, and you end up with more shares than if they were issued at 15c, so I personally think would be a good buy, you end up with a lot of shares at a bargain price which is a good thing if you think this company is going places long term. However I think the fact that the price is under the maximum issue price will spook a lot of people, especially those that don't realise that if the VWAP is <15c the shares are issued at VWAP -10%. So this scenario could end up with a lower subscriber rate, and less of a sell down as it would be more attractive to the longer term holders.

Interested to hear others takes on these ideas, I may indeed have no idea what I'm on about :P

As always DYOR, not advice, etc.