ASX rule 7.1 says only 15% of shares 12mths prior to issue date...

ASX rule 7.1 says only 15% of shares 12mths prior to issue date can be issued without sh approval.
Complex conditional formula based on number of shares not $.

on 20/11/17 they issued 76,880,237 shares.
SPP capped at $10M nominally at 50cps -- another 20M shares.
so magic number is 96,880,237 shares.

Had they passed a special resolution at 2016 AGM, under ASX rule 7.1A, to approve an extra 10%
they could have issued more

but the only share related resolution was giving Mr Biggs more cash share rights

scale back would be based on a formula - typical one imo

($10M/Total $ subscribed) x shares requested

so if $30M subscribed - scale back for a $15,000 application would be 10/30 * 15,000/0.5 = 10,000 shares