If the company has excellent growth then of course that value is...

If the company has excellent growth then of course that value is accrued by all shareholders, not just those involved in the CR or SPP.

That is not at all germane to the fact that someone has been enriched at the expense of small shareholders.


"Besides, if you wanted a bigger slice of the NEA pie, why didn't you just buy more? What has changed? "

Read the announcement accompanying the capital raising. The capital being raised is to accelerate growth and improve the financial robustness of the company, so there is a definite change in the circumstances of the company that arises by dint of this capital injection.

I would liked to have bought more, as I'm sure a great many small shareholders would have liked, but the managers of our company saw fit to offer that opportunity to only a select grouping.


"As for the APT example, I think it's a relevant example of what happens with SPP's. "

And can you list no examples of SPPs that are successful for their participants?
I put it to you that APT was, and is, a decidedly-hyped share.