share purchase plan, page-19

time for a brief reality check.

1. On viewing last years annual report I note that there are some 155,000 shareholders holding 5000 or less shares!

2. The Company has effectively ruled out increasing offer size ( almost a commitment to the insto. participants)

3. The average SPP participation is 25% of shareholders.

4. at today's price, albeit cum 25c divi, the SPP price is approx. 10% below current share price. this is a larger discount than the average SPP.

5. if 25% of shareholder base apply for average of $10,000 (note that the max allowed under a SPP is $15,000) then demand would be $387.5 million.

I would be thinking in such circumstances we may look at max. allocations circa 500 shares. Mind they did make a reference to existing holding size so will be interesting to see how they handle allocations ( never seen an SPP allocation policy that takes into account current holding size)

Likely to be little return for writing the cheque! That said my wife, daughter and my SMSF will all be applying!

But forget that, got to be happy that market has received the greater transparency of results well. I feel this will kick on to the $12.50 mark for now.

here's hoping