SPN is a sleepy stock. No doubt it remains attractive to peers like SKI, apart from index inclusion, there is no reason to gap up.
The retail portion of the rights issue was under-subscribed and underwriters have been allocated 37m shares:
http://asx.com.au/asxpdf/20120615/pdf/426v7vr5bfrk9y.pdf
Expect trading to normalise on Monday