That will depend how they raise capital and % allocated to a SPP...

That will depend how they raise capital and % allocated to a SPP amusing there is one.

Holders with SPP rank last in mitigating risk as the insto component if there is a mixture gets their allotment and can flick it to the market before the SPP allocation. Some of the inst would be LT holders, others opportunistic, basically the same with retail holders.

They are monetising equity of $700M so you work out if it is dilutive.