Page 3 of the initial offer doc says "your application will be scaled on aproportionate basis with regard to the size of your application", however page 12 says "on a proportionate basis by reference to the size of existing shareholdings and noteholdings held at the time of allotments". Todays announcement conforms with the latter, however I thought it was based off the former?
Is it just me or are these different meanings:
1) Scaling based on application amount = two different holds whom apply for 15k each both get the same amount after scaling
2) Scaling based on existing holding amount = two different holders whom apply for 15k each get proportional amounts according to their holdings
Also this seems a bit unfair for the smaller holders, on top of already lacking funds to get to the 15k mark.
Yeah I noticed that too. Maybe the scaling is based off the size of your holdings and application amount at the same time.
Got 2/3 of what I applied for so not too upset. Still could have offered more under the SPP or just done a rights issue to begin with.
40% of my application for me. You had probably a larger holding ...
Agree with Percy - the process sucks and they could have done all shareholders a big favour by accepting all shareholder funds and reducing the institutional CR respectively. Could have saved as well the underwriters fee. This was our money they burned.
Can't help - this company might have a good growth strategy in a promising industry, but it does not feel that the interests of the retail shareholders are of particular importance for our board.
----
"Prediction is very difficult, especially about the future" (Niels Bohr)
40% of my application for me. You had probably a larger holding ...
Agree with Percy - the process sucks and they could have done all shareholders a big favour by accepting all shareholder funds and reducing the institutional CR respectively. Could have saved as well the underwriters fee. This was our money they burned.
Can't help - this company might have a good growth strategy in a promising industry, but it does not feel that the interests of the retail shareholders are of particular importance for our board.
It's quite apparent $5 million was far too small for the SPP. They'd be well aware of the number of retail shareholders and the size of their shareholdings before the SPP.... you'd think they knew this would at least be oversubscribed by a fair amount!
Page 3 of the initial offer doc says "your application will be scaled on aproportionate basis with regard to the size of your application", however page 12 says "on a proportionate basis by reference to the size of existing shareholdings and noteholdings held at the time of allotments". Todays announcement conforms with the latter, however I thought it was based off the former?
Is it just me or are these different meanings:
1) Scaling based on application amount = two different holders whom apply for 15k each both get the same amount after scaling
2) Scaling based on existing holding amount = two different holders whom apply for 15k each get proportional amounts according to their holdings
Also this seems a bit unfair for the smaller holders, on top of already lacking funds to get to the 15k mark.
Its not just you. The wording in the offer doc's could have been interpreted two completely different ways. Fair to say the offer document was ambiguous and poorly written.
Comes across as a pretty amateur effort really...the whole capital raise from start to finish. One would hope their vehicle sales and finance application process's are more professional.
Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.”
Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine
Originally Posted by JayRiggs
Reply With Quote
Bookmarks