I think you will find that Scotty has interpreted his/her ability to apply for excess entitlement (and pay for it upon application, as you are required to do) as being an actual allotment, which of course it is not.
Like the rest of us he/she will be refunded all or part of that application cost in good time after the offer closes and the necessary calculations are done to underpin the true number of shares to be allocated.
Hi ronaldson. Yes I think you are probably correct as I assumed (probably wrongly) that they would be accepting over subscriptions.
AFAIK they can close the offer at any time. Maybe they decided to just allocate to the bulls who got in early and wanted more size?
NVM Snoopy, you can buy on market at $1 and maybe under next week.
Agree ... share price will likely go below $1 after entitlements are processed. I have applied for 100% over subscription but don't expect to get anything like that amount. Hoping for on market purchase after issue at a sharp price to bolster my stake.
Here's hoping the Australian dream comes to fruition.
Nothing to stop someone taking the full allocation plus 100% and selling their existing shares today for quick profit.
Stinks!
Surely if for every 6.85 shares you get 1 share for 1 dollar then total shares on issue you get a finite amount of new shares and ability to get 100% gives 2 new shares per 6.85 shares on issue and if everybody takes up entitlement plus 100% then underighters get none left over
Surely if for every 6.85 shares you get 1 share for 1 dollar then total shares on issue you get a finite amount of new shares and ability to get 100% gives 2 new shares per 6.85 shares on issue and if everybody takes up entitlement plus 100% then underwrighters get none left over
That's not how I read it. The 1:6.85 entitlement covers the whole $105m being raised from existing shareholders. If you bid for more shares than that, then your bonus shares requested will come from the pool of shares allocated to existing shareholders like X-men, who do not take up their rights. If there aren't enough overbids to take the shareholder applied for shares up to $105m, then and only then, will the underwriters come in to soak up the balance for which there are no existing shareholder buyers.
SNOOPY
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That's not how I read it. The 1:6.85 entitlement covers the whole $105m being raised from existing shareholders. If you bid for more shares than that, then your bonus shares requested will come from the pool of shares allocated to existing shareholders like X-men, who do not take up their rights. If there aren't enough overbids to take the shareholder applied for shares up to $105m, then and only then, will the underwriters come in to soak up the balance for which there are no existing shareholder buyers.
I am leaving my final decision until Monday. At this stage I will let them go. Shelling out a pile of money for little short term gain isn't worth the bother. I have enough without them anyway.
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