spp - only two ideas make sense

There are only two ways that this SPP can work out in my opinion:

1. The retail SHs were not really meant to pick up many of these! The underwriters may already have many buyers of any that are not taken up.

2. That the retail SHs need to be given a discount to VWAP over the last five days - or whatever, so that it is worthwhile to collect some more. Otherwise retail investors are lucky and can pick them up cheaper than the insts did.

At least the retail shareholders are not being dudded. Maybe the underwriter is regretting how this was set up?