Why wouldn't a small investor, (or even an investor fully extended in TMR for that matter) simply sell 43000 of their holding today at 12.5/13c to pick up the same shares at 11.5 in the not too distant future. It makes for a quick $430 and gives you time to see which way this things going to trade. I reckon we mat see the 11c mark breached with this SPP in play.