I think the APT example also highlights the risks taken by funds...

I think the APT example also highlights the risks taken by funds and underwriters when committing to a CR at a given price (especially when the SP is pumped to maximize shareholder value). Yes, the APT situation is rare in that funds will be holding shares issued to them that will be underwater for a while whilst retail holders can escape the SPP.

So key difference is funds/instos/sophs/underwriters commit to a fixed price and allocation, whilst the SPP holders usually have a solid 3-4 weeks to make an election, during which they often dump shares to pick up SPP shares (though never guaranteed their allocation) or just watch and wait to see if the SP vs SPP difference is worth their while, i.e. completely de-risked.