BLY share issue - Legal question

[AMR]

The document says the rights are non-transferrable, but in the instance that I am not able to take up my rights, is there anything stopping me from doing an agreement off-market for a 25% cut?

i.e Someone passes $15k AUD into my account
I buy the shares
I transfer the shares off market to the owner (minus my cut)
Everyone wins

(Not offering!!!! Just a hypotheical question for now)

[shasta]

The document says the rights are non-transferrable, but in the instance that I am not able to take up my rights, is there anything stopping me from doing an agreement off-market for a 25% cut?

i.e Someone passes $15k AUD into my account
I buy the shares
I transfer the shares off market to the owner (minus my cut)
Everyone wins

(Not offering!!!! Just a hypotheical question for now)

Thats why advisors have to be licenced!

The so called ethics mean investors can require advisors to devulge how they profit from transactions (entry/exit fees, commissions, etc)

If it were totally legit, surely the brokers would be doing it.

In saying that, using the off-market approach probably has enough grey areas in it that it could be done?

Next you'll want a scheme like the Opes Prime saga

[Dr_Who]

Why would you want only 25% when you can have 100% of the profit? Anyway, in SPP there maybe a scaling if there is good demand.

Sometimes people do that between themselves or Trusts if funds are abit low in one or the other. Totally legal.

[COLIN]

What you also have to be aware of, in these SPP's, is that you are only entitled to ONE takeup (to the maximum permitted), even if you have multiple registrations in your name. In the case of BLY I happen to have two separate registrations for some reason (I think it is because there is a slight variation in the addresses quoted - one includes the postcode and one doesn't) and consequently I received two offers. I could go ahead and take up a maximum of $30,000 and probably no-one would be any the wiser, but I would be in breach of the terms of the offer and the conditions of my acceptance. That would be actionable under the relevant securities laws.