no scaleback

In a previous posting I suggested that WFM should grab every dollar it can get under the SPP and not scaleback if it was oversubscribed. With one GFC behind us and the possibility of a GFC2 in the near future it is better to take the money now rather than beg for it later if things get tough.

It looks like the WFM Board agreed with me.

Today's announcement:

" .....The directors have given careful consideration to the higher than expected amount received under the SPP and having regard to the growth plans for the Company, and after consultation with a number of the major shareholders, the directors have taken the decision to accept all SPP applications in full (that is to say, the directors will not impose any "scaling back" on the applications received).