I think you're spot on the mark there SP3. In section 3.5 of the...

I think you're spot on the mark there SP3.

In section 3.5 of the prospectus (page 15), it states that "applications will be accepted on a first-come, first-served basis".

Furthermore, in section 3.4 (also on page 15), it states that "the Directors reserve the right to extend the Offer Period of the Security Purchase Plan, or close the Security Purchase Plan prior to the Closing Date, subject to the requirements of the Corporations Act and the Listing Rules".

Given that there are/is:
- far more eligible shareholders than will divide evenly into the pool of available SPP shares to yield a maximum allocation per shareholder;
- a substantial upside differential between the SPP price and the current trading price;
- a first-come, first-served approach to application acceptances; and,
- scope for the Directors to close the SPP prior to the nominated closing date,...

...it won't surprise me in the least if the SPP is done and dusted by Friday of next week (15 December), rather than Friday 12 January.

This would enable the Directors to get their focus back on running the company 4 weeks ahead of time, while holding their hands on their hearts and saying that they gave all shareholders an opportunity to participate in the SPP.

I've seen this type of "accelerated" SPP once before with Nanosonics (NAN) in 2015. In that instance, NAN ran an SPP on a "first-come, first-served" basis with a nominal 17 day window between applications opening and closing. However, that SPP also conferred an option for the Directors to close the SPP early if applications "maxed" out the offer beforehand...and sure enough, 5 days after the SPP opened, it was closed due to being fully subscribed.

Just as the market generally can be brutal to retail shareholders, so too can an "accelerated" SPP. In the NAN case, I recall several shareholders being very long on righteous indignation, when the SPP had closed prior to them having received their SPP offer by snail mail. Ever since, I have promised myself that if a lucrative accelerated SPP ever came up again, I would ensure that my application was made on the day the offer opened and transacted via BPay, which is what I have done this time.

Anyway, I may have this all wrong, but don't be surprised if this SPP is ancient history before Xmas.

zeno9