There isn't an option not to approve tranche 2 as it is needed...

There isn't an option not to approve tranche 2 as it is needed to complete Phase II trials. Unless a pharma or JV partner picks up the bill, which can still happen before EGM.

SH can propose to get equal treatment as the placement, ie getting free oppies. However, it will surely be dumped comes 1 May settlement, affecting the Heads & oppies price.

The SP will probably be pushed up nearer to the SPP closing date of 23 April to have oversubscription. (unless Patto is keen to hold down the SP for themselves)

Eligible holders still have time to decide, pending the SP movement till 23 April.

I believe it will be oversubscribed just like the placements.

JIMO