Sharks and Phil,You are both correct and either scenario could...

Sharks and Phil,

You are both correct and either scenario could play out. From the announcement...

Please note that the Closing Date for applying for SPP Shares is
Friday, 13 July 2012. If you wish to participate in the SPP you should
act as a matter of priority. The directors reserve the right to close the
issue earlier than Friday, 13 July 2012.

and

This offer under the SPP will raise up to a maximum of $5,000,000. The issue
will close on Friday, 13 July 2012. In the event that the value of applications at
closing exceeds $5,000,000 then each application will be reduced
proportionately and the resultant refund will be sent to the shareholder within 5
business days of closing.