GNE - Genesis Energy

[Snow Leopard]

Not 'caught out' just yet... I am referring to the Broker Firm Offer - would you be able to tell me what it said about scaling for this in the document dated 13 March?

Ah, forget it, nobody seems to comprehend the point, which is what I read this week on page 41 is not what I read on page 41 a few weeks ago.

Couta, you and I appear to have 20%/20% vision, so we will just have to take more medication

Case closed - unless Cleaver Green wants to take the case to court, pro bono..... or for a couple of lines perhaps

So you asked the friggin' question and I gave the you the friggin' answer and now you pack a sad !

Do not expect a Chrissy Card from me this year.

Best Wishes
Paper Tiger

[Harvey Specter]

Ah, forget it, nobody seems to comprehend the point, which is what I read this week on page 41 is not what I read on page 41 a few weeks ago.

Complain to the FMA. I am pretty sure they cant change it without a disclosure.

The copy I have from 1 April is as per above. Someone must have an early copy - someone must have been researching early.

[Goldstein]

Ah, forget it, nobody seems to comprehend the point, which is what I read this week on page 41 is not what I read on page 41 a few weeks ago.

Couta, you and I appear to have 20%/20% vision, so we will just have to take more medication

Case closed - unless Cleaver Green wants to take the case to court, pro bono..... or for a couple of lines perhaps

I've got a copy with a timestamp of 6th April on it Xerof and there is no mention of the 20% scaling maximum there. I did download a copy a lot earlier, but I'm buggered if I can find it, otherwise the more recent download overwrote it.

Somebody on Sharetrader must have a copy older than that surely. Otherwise give them a call.

As it stands the general pool gets at least $1000 worth of shares, wheras those going through a broker are not guaranteed any at all. Mind you if I just got $1000 worth of shares this whole exercise would have been a waste of my time.

[couta1]

Found it written on the OMF website,open PDF relating to Genesis share offer where it states. The crown has the right to scale back applications made under the Broker firm offer by up to 20% so Xerof we were correct. Also have a read of Chris Lees website April 10th Taking Stock where he suggests that up to 58 million shares will be carved off the broker pool and allocated to the public pool,that's your 20% so technically your firm broker allocation can't be scaled anymore than 20%

[Under Surveillance]

This is text from page 41 as downloaded on 13 March 2014. Sorry about the formatting.

Summary of the Retail Offer
Who can apply for Shares in the Retail Offer?	How many Shares can you apply for?	Will you be allocated all the Shares that you apply for?	Are you eligible for Loyalty Bonus Shares?	How do you apply?
General Offer: New Zealand Applicants	The minimum Application amount is $1,000.	Applications up to $1,000 will not be scaled. Applications in excess of $1,000 will not receive less than $1,000 worth of Shares. If the Offer is over-subscribed, your Application may be scaled back.	ü	Apply online at: www.genesisenergyshares.govt.nz or by completing the Application Form included with this Investment Statement.
Broker Firm Offer: New Zealand Applicants who are offered a firm allocation by an NZX Firm or a selected trading bank	The minimum Application amount is $1,000. Your broker will inform you of your firm allocation.	It will be a matter for the NZX Firm or selected trading bank to decide how they make allocations amongst their eligible retail clients and whether your Application will be scaled back. If the Crown exercises its right to scale back Broker Firm Offer allocations following the close of the General Offer, retail client Applications under the Broker Firm Offer will be scaled back at the Crown’s discretion. There is no minimum guaranteed allocation under the Broker Firm Offer. Accordingly, final individual allocations under the Broker Firm Offer may be lower than the minimum Application amount of $1,000.	ü	Contact your NZX Firm or selected trading bank that notified you of your allocation and they will provide you with Application instructions.

[RRR]

Chris Lee thinks 60 million more shares will be available to the general offer (from the broker offer) - from taking stock!

[couta1]

It appears to me that the 20% figure was agreed to by the crown and the participating brokers and therefore too specific to be included on page 41 of the prospectus

[skid]

Looks like many have been lead up the garden path,yep that 20% was in there alright,i even discussed it with DB staff at the time and they confirmed that all firm broker allocations could only be scaled to a maximum of 20%,will be interesting to see how this one plays out as it would be downright misleading if this has been changed due to the increased interest in the float so that equal scaling now applies to both pools meaning that those who applied for all theirs under the broker pool will be at a disavantage as opposed to if they had split their application half public and half broker as obviously larger applications will be scaled heavier

Was it taken out after the expession of interest but BEFORE the actual application for shares--If thats the case then theres prob not much recourse--Its probably up to us to read the fine print before doing anything binding---funny though-binding on our part -but not theirs

[macduffy]

Funny? Perhaps. But fairly normal in an IPO for the small print to contain a clause allowing the promoters to change almost anything - at their discretion!

[Harvey Specter]

Found it written on the OMF website,open PDF relating to Genesis share offer where it states. The crown has the right to scale back applications made under the Broker firm offer by up to 20% so Xerof we were correct. Also have a read of Chris Lees website April 10th Taking Stock where he suggests that up to 58 million shares will be carved off the broker pool and allocated to the public pool,that's your 20% so technically your firm broker allocation can't be scaled anymore than 20%

Sounds like a non binding back room deal to me. I think they could override it (the prospectus overrides everything) but will they?