Ann: Successful Completion of AHG's $115m Pla, page-10

re: Ann: Successful Completion of AHG's $... I agree that a pro rata issue is the fairest way of issuing new shares and would support this as the sole means to raise capital for ASX listed companies. However it seems that AHG decided to do a placement instead where investors that have no shareholding whatsoever can obtain discounted shares. In the event of a placement, for the past decade at least, it has been accepted convention that a SPP should also be offered. In the event of oversubscriptions, all SPPs that I am aware have been scale back equally ie there is no discrimination on the basis of shareholding. Sometimes, eg HZN in 2009 favoured long term holders rather than recent acquirers. Other times eg BKW accomodated all applicants even though the issue was larger than expected. To scaleback according to the shareholding size is unprecedented as far as I am aware (please correct me if I am wrong). To do so now is to change the recognised convention by which SPPs are implemented in the Australian market which market participants have accepted for a long time. I would interested in the reason for the change by AHG.