SPP - How many new shares for each old share?

I wanted to get an idea of what number of new shares I might see from the SPP. I made a few assumptions. I thought I'd share my simple calcs.

$1.4M worth of new shares at 0.08 c = 17.5M new shares

Total shares outstanding = 237 M – 44M recently raised = 193M SPP eligible shares

So, proportionally distributed, you could expect to get about 1 new SPP share for each existing 11 shares you hold. (193/17.5)

Since they will likely allocate a certain minimum parcel to all SPP applicants (disadvantaging larger shareholders as usual) I think we will probably see one new share for each 12 – 15 existing shares.

FWIW, Do your own checks on this.