share purchase plan - conflicting statement

Did anyone notice that the ICN ASX announcement 11 MAy, states that it refers to its earlier announcement:
"whereby it indicated that it intended to announce the terms of a Share Purchase Plan in the near future."

But it then says:
"the Company confirms that whilst (it) still intends to offer shareholders the ability to participate in a pro-rata
offer (Offer), it advises that the timing of any Offer has not been determined."

Now an SPP is entirely different from a "Pro-rata Offer" !!!

As we all know, an SPP offers each s/h a maximum of $5000 worth of shares - no matter what the size of your shareholding. A prorata Offer is an offer of shares, the number of which you receive, is based on the size of your holding. Quite different animals.

It sounds to me like they have changed their tune, and will not do an SPP, but rather a Prorata Offer - probably consisting of a placement and a Rights Issue.

The "Update" announcement was just a softening-up statement, so that they can refer back to it later on, and say "we told you so" when they do the prorata offer.

I may be wrong, but this sounds a bit sus.

cheers