Offering a Share Purchase Plan isn't stiffing the little guy. It's stiffing the big guy. The big guy is disadvantaged by only being able to buy $15,000 worth so his holding is diluted. The little guy gets the advantage (well, depending on how little he is) by getting to increase his proportional holding.
You never know, the share price might rally between now and the day the offer closes, and is issued. You've basically got a free option to buy at a maximum of $11.50 (or is it $11.33, $11.50 - 17c dividend?)
It would have been nicer if they offered a bigger discount, but just be grateful we're being offered anything at all. They could have just as easily stiffed the little guy by not offering anything to retail investors at all. It's certainly cheaper for them to do that.
MCC Price at posting:
$11.20 Sentiment: Hold Disclosure: Held
