spp scaled back, page-17

I'm not too unhappy with the outcome (pending a good allocation for myself)

Remember that the instos got in at a ~10% discount through the placement, whereas retail gets a ~20% discount through the SPP. I'm sure the placement was also oversubscribed and had to be scaled back, as many fixed-price placements are. I think it makes sense to scale based on no. of shares - why should someone with $500 of shares get $2500 worth of stock for $2000 through the SPP and make a quick $500 flipping it at the expense of larger, long-term holders?

Also remember that an SPP tacked onto a placement isn't a serious capital raising, it's usually just tacked on to keep the retail punters happy. QBE could have easily saved itself the hassle and upsized the placement by an extra $100m rather than bother with the SPP option.