I don't consider myself hard done by at all. I just made the...

I don't consider myself hard done by at all. I just made the comment that I don't see an incentive to participate in the SPP with the share price where it is right now. I understand where you are coming from, and I respect your opinion, but an 18% discount to VWAP means nothing when I can buy on-market right now (and likely for the foreseeable future) at the same price.

The SPP is fully underwritten so UCM will get its capital regardless. I am more concerned about my capital than theirs, and as I see it if I choose to top up my holdings it can probably be done cheaper on-market, or I can give myself more time to assess the business's progress and how the acquisition has integrated and buy in at a future date or not at all.

To clarify, I still believe UCM is a good business, and this acquisition is a good one. But personally, I won't be participating in the SPP unless the share price rises over the next couple of weeks .