My feeling is that they would be inclined to accept some level...

My feeling is that they would be inclined to accept some level of oversubscription, and there will certainly be a significant scale-back.

When talking about the maximum number of shares to be issued in the SPP Booklet at para 4.3, they refer to ASX Listing rule 7.2 Exception 5, which I have reproduced here (gee, formatting on this medium is not easy!):

"Exception 5
An issue of securities under a security purchase plan that satisfies the conditions in ASIC Corporations (Share and Interest Purchase Plans) Instrument 2019/547 or that would otherwise satisfy those conditions but for the fact that the entity’s securities have been suspended from trading on ASX for more than a total of 5 days during the 12 months before the day on which the offer is made under the plan or, if the securities have been quoted on ASX for less than 12 months, during the period of quotation.

Exception 5 is only available once in any 12 month period and if:

• the number of securities to be issued is not greater than 30% of the number of fully paid ordinary securities already on issue (not an issue here); and

• the issue price of the securities is at least 80% of the volume weighted average market price for securities in that class, calculated over the last 5 days on which sales in the securities were recorded, either before the day on which the issue was announced or before the day on which the issue was made."

Some interesting facts:
• the SPP offer price is $1.05,
• the current price is $1.32,
• 80% of which is $1.056.

A not very interesting fact:
• ASIC Instrument 2019/547 talks mainly about the $30,000 limit

I'm assuming that the day referred to "day on which the issue (will be) both announced and made" is next Friday, 20 January.

The rest hurts my brain.