Sleeping Giant no more, NZS is an emerging growth story... What’s Next?, page-519

The reasons for management could be:

# The current price is much lower than the highs of late 60s so why to do SPP at 15% discount to current price. That wont be fair to existing holders.
# Lot of positive news in pipeline (cant release unless approvals etc) so best to let it get priced in SPP in next few week.
# Company prefer retail holders in register .. so give them the right to first refusal.. if they dont participate in SPP then let concord give it to institutions. (high underwriting fee).