A: Thanks for the question.

Yes, you do need to take a view on Macquarie, and in that, consider recent trading history.

That said, Macquarie has been a real performer this year and their half year result surprised on the upside.

The shares under the share purchase plan are being offered at a price of $78.40 (effectively $80.00 on a comparable cum dividend basis). You are also protected on the immediate market downside in that you will pay no higher than $78.40 or the weighted average trading price (less a 1% discount) between 11 November and 17 November.

Notwithstanding it is no bargain, I think I would follow the lead of the institutional market and subject to cash needs, apply for the maximum amount ($10,000).