Fair point, SR.
The relevant dates last year were;
Record date 19 November 2009
Offer opened 24 November 2009
Offer closed 11 December 2009
The only dates announced for the current issue are
Record date 10 November, 2010
Allotment date expected to be December 2010..
On the face of it, it does seem that last year's SPP will be taken into account in calculating the $15,000, twelve month period limit.
If so, the question is - Why would BOW directors (intentionally?) limit some shareholders' participation in this way?
Edit. A more careful reading of the announcement shows that Allotment date is "December 2010", not a specific date. The question therefore becomes which of the various dates - record, opening, closing, allotment - is relevant in determining the 12 month period?
Seems like the BOW board does have the last year's SPP in mind when the set out the dates for this SPP - by making sure that both the closing and allotment dates are slightly longer than 1 year since the last.
Just now there's another problem: the current share price is sitting below the offer price!!
Not sure what the board can do about this, but given there's still about 1 month to go, let's see what our synthetic OTM call option can get us to
Disclosure: Holding a small parcel of BOW