I'm not sure they want the money from the SPP. They seem to be...

I'm not sure they want the money from the SPP. They seem to be able to get placements away without a bother (one early to Chinese interests went at a fair premium to prevailing prices, VWAP or the day it was taken up). The original cap raising notice read to me like the SPP was offered so the retail shareholders would feel placated with a taste. Companies that get all their development capital from instos and 'sophisticated' investors can tend to p*** off their retail base.

The original cap raising announcement did read as though they wanted the $150M to accelerate Syerston, but the SPP part of the announcement had the feel of 'we don't need it - yet - but if you want a taste we'll take the dosh, and work out how best to deploy it'.

The other thing to consider is they don't seem to have any bother accessing debt funding. Freidland's relationships all over the world leave them well placed, and those relationships being long term tend to attract people who invest longer term, rather than seek quick arbitrage wins.

I can't locate a definitive statement on whether they have the option to accept the placement over subscription and, if they can, what they intend to do. Does anyone know?

I have a figure in my head, which I haven't been able to confirm, of $44M of placement over subscription. Ring a bell with anyone, or am I dreamin'?

The "SPP - wanted or not" thread here raises some of the questions I had popping up on first reading of the cap raising announcement.

As to whether there is any manipulation going on (e.g. biggies trying to prevent dilution from a fully subscribed SPP, and/or other of the usual motivations), highly likely, I would think.