New bidder enters AWE race, page-30

Selected extracts (bold added):

Per SPP, 24/11/17:

"The second stage of the equity raising is to offer all shareholders, but predominantly for the benefit of our smaller shareholders, ..."

"To the extent that applications received from eligible shareholders who participate in the SPP total more than $10 million, AWE may, in its absolute discretion, undertake a scale-back to the extent and in the manner it sees fit."

Per CERCG, 8/12/17:

"The Offer will be made by CERCG Australia's wholly owned subsidiary, CERCG Aus Gas Pty Ltd and will extend to:
- all Shares issued under AWE’s recently announced Share Purchase Plan (SPP)"

Assuming there will be a scale-back, but with AWE in play, not sure what the Board will do re: over-subscriptions. All options seem to be left on the table.

DYOR