Why not a rights issue instead of a SPP?
Regardless of the flannel about wishing to encourage more institutional investors for the sake of liquidity, as I understand it the Placement and SPP at a deep discount is a crock for individual shareholders, who cannot outlay more capital to ensure their holding’s relativity is maintained. In effect the value of their holding has been undermined. A rights issue and bookbuild (as ANZ recently undertook) would have at least given them a share of the premium to the heavily discounted issue price.