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  1. #171
    percy
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    Quote Originally Posted by stoploss View Post
    Percy that doesn't sound right , bearing in mind the amount that went to the underwriters .
    Surely they were obliged to take some over subscriptions , or why provide for it ?
    Doen't feel right,or look right either.!!!
    I agree,why provide for over subscriptions.?
    Just logged into www.linkmarketservices.com.au and shows my holding at 12,000.
    As a friend pointed out wait for disclosures and see how the directors fared,before ringing the CFO.
    Last edited by percy; 07-10-2015 at 09:21 AM.

  2. #172
    Advanced Member
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    Hi Percy ,managed to get in and take a look at my holding same thing says there is an uncleared cheque for the refund amount of the over subscription .......
    I have a massive opportunity cost here as I was buying HIT at the same time , scaled that back a bit to buy more PGC. Can you please post the response from the company , them I will call and have a whinge .
    But why wait a few days ? , I will be on the phone today if you cannot do it

  3. #173
    Advanced Member
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    Quote Originally Posted by KW View Post
    That cant be right - the company said that it accepted applications under the Top Up facility -

    "The Company has received valid applications under the Rights Issue and accepted applications under the Top-Up Facility for 10,444,363 New Shares, equating to proceeds of
    $5,535,512.39"

    .
    It is right but it is wrong !!!! , I just called the registry " Link " , said it was scaled back ........ Have asked them to check and they are going to call back .

  4. #174
    IMO
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    Floating Anchor Shoals
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    Back in @ 59c and watching for more profit taking to pick up more,(why did i ever leave;oh thats right cashing up for the Global correction. Seems hardly anyone got a top up going by grumpiness elsewhere.

  5. #175
    percy
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    Right.
    If your entitlement [rights] was over $2,000 worth you then got scaled back on the extra you ordered.
    If your entitlement was under $2,000 worth,you did not get any of the extra you applied for.
    So I had 10,000 and rights for 2,000 shares at 53cents [$1060],so was under and therefore received no extras.
    Had I held 20,000 shares my rights would have been 4,000 shares at 53 cents [$2120] and would have then been scaled back on the extra shares applied for.
    I will not entertain any discussion on what I have written,because I don't understand it,and it makes no sense to me.!...lol.

  6. #176
    Senior Member
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    May 2004
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    Quote Originally Posted by percy View Post
    ZERO.!!!
    Only had 10,000, and on top of my 2,000 rights I applied for an extra 8,000 shares.
    Only received the 2,000 I was entitled to.
    So what was the point in letting us apply for extra?
    Mark100 and Ozzie.Trust you both did better than me.!!
    CFO Stephen Munday [0061] 3 88337800 may receive a "polite" call from me in a few days time;"Please explain." ???? lol.
    No joy for me. I actually wanted to build a position so have been buying on-market at 58.5-61 so far, buying from the instos that were gifted the stock at 53c.

    I've already had correspondence with Munday. He said applications were reviewed by the directors with the underwriters. Well there is the mistake...of course the underwriters would tell them to reserve stock for their clients! I basically finished off by telling him the retail guys would have got every cent they applied for if the share price had of fallen under 53c following the closing date.

  7. #177
    Advanced Member
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    This is wrong on so many reasons , why were they scaling back when it was not oversubscribed ?????
    Basically they have looked after the larger shareholders and the underwriter here , and given small shareholders nothing . Rich/ Poor lol .
    My situation was I had 7500 shares purchased circa 65 cents .... Rights issue was 1500, I applied for 3000 extra .
    Obviously got the 1500, and nothing further . Feel if they were going to give shares away to the underwriters they could have allocated some to me and other small shareholders ....
    Also as a NZ shareholder the process is a little more difficult than if in Australia, so for all the effort and opportunity cost they have disappointed me.
    Didn't think I was being greedy , wanted to average down from paying near the top of the market . Happy to be on the register as a med/long term holder ...... Shareholding under review ..........
    Pretty keen to hit the Stoploss on this one if this is how the company treats shareholders ....

  8. #178
    percy
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    Quote Originally Posted by stoploss View Post
    This is wrong on so many reasons , why were they scaling back when it was not oversubscribed ?????
    Basically they have looked after the larger shareholders and the underwriter here , and given small shareholders nothing . Rich/ Poor lol .
    My situation was I had 7500 shares purchased circa 65 cents .... Rights issue was 1500, I applied for 3000 extra .
    Obviously got the 1500, and nothing further . Feel if they were going to give shares away to the underwriters they could have allocated some to me and other small shareholders ....
    Also as a NZ shareholder the process is a little more difficult than if in Australia, so for all the effort and opportunity cost they have disappointed me.
    Didn't think I was being greedy , wanted to average down from paying near the top of the market . Happy to be on the register as a med/long term holder ...... Shareholding under review ..........
    Pretty keen to hit the Stoploss on this one if this is how the company treats shareholders ....
    I agree with you.This has not been to small shareholders advantage.
    However, we must not shoot ourselves in the foot.
    The reasons for holding this company remain intact,growth company in a growing sector.The acquisitions appear to have been well thought out,and brought at reasonable multiples.The move to more consumerable products,rather than equipment, will improve stock turns and with better cashflow the way is open for further eps accretive acquisitions.
    I have just brought 10,000 at .5835cents per share.
    Last edited by percy; 07-10-2015 at 04:39 PM.

  9. #179
    percy
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    Looks as though we will have to come up with another "party trick".
    And I did so much love the idea of owning 1 share in about 500 companies, so I could apply for SPPs.!!! ...lol.

  10. #180
    Senior Member
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    May 2004
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    1,023

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    Quote Originally Posted by percy View Post
    Looks as though we will have to come up with another "party trick".
    And I did so much love the idea of owning 1 share in about 500 companies, so I could apply for SPPs.!!! ...lol.
    It should still work for SPPs most of the time percy although I have also seen them scaled heavily at times in a disproportionate manner but less so. The legislation around SPPs state that all shareholders are to be treated equally. The difference here was it was an entitlement offer with a top up facility. Top up facilities are basically a lucky dip as directors tend to make up the rules as they go.

    As for the MD's email that KW posted above, I should print it out and use it as toilet paper. I wonder how many of the insto's that got the shortfall will be "long standing shareholders"? Most have probably sold over the past 2 days.

    In any case if the combined businesses can perform as forecast, the company is cheap at 60c and this issue will be soon forgotten.

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