I lolled at this. SPPs are one of the most inequitable ways to...

>The Board believes that a SPP is the fairest and most efficient means of raising equity from its existing shareholders.

I lolled at this. SPPs are one of the most inequitable ways to raise capital. I didn't do as well as Stephen Mayne, but I did well out of them post GFC by buying minimum parcels in companies just prior to CRs and then making quick bucks off the SPPs. 

SPPs are used because they are quick. But they are not fair to larger holders, because the amount you ca subscribe for is not proportional to your shareholding. 

If they need to issue a prospectus for this SPP anyway, why not do a rights issue? That would be the fair way to do it.