I also stumped up $36k and got 13,649 shares. I probably should have applied for less but hey happy enough with what I got. I topped up a few this morning so I now have an even number of shares :rolleyes: Bears hate uneven numbers :D
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Hi Rupert I take it you had significantly more shares at the time you applied. IE 10x me
Again, amazing how backward these registrys are...
Probably do their financials on the back of the envelopes they send out to reset your passwords 🤪
Got 11% of what i asked for.. yay gimme my money back ffs
The thing is though, you/we had no guarantee of an over subscription, so it was possible that you got the full 30,000 that you applied for. No one could know that in advance. I've seen SPP's under subscribed and folks who put up for heaps more than they actually wanted (in case it was scaled), then boom, they got the whole lot they applied for and had to sell a heap on market, at a loss!
Rights issues doesn't guarantee anyone any more shares than whatever the 1-for-X at a discount is, which is similar to scaling based on current holdings .. but adds in the complications that the rights can be taken up, ignored, or sold on market, all the while the discount and dilution affects the SP on market.
There's no silver bullet, think about it this way, a few short months ago (July and prior) you didn't bid for (want) 30,000 shares on market for $1.20 or less, then all of a sudden when the cap raising was announced, you were prepared to quadruple your holding. See how it screws with your head?
The process also clearly stated that the transaction advice date is Monday, next week. The allotment date was today, which is why they're showing in Computershare. None of this should be a surprise. The only thing that isn't spelt out precisely is when the unspent funds are deposited back in ones bank account.
Have rung the registry re refunds, the lady advised that they'll be done by next week 3rd Dec.
Most rights issues have an option to oversubscribe by a multiple of the rights issue so that makes it fairer for everyone. You get your allocated amount and if others don’t take up their allocation you can pick up extra in the over-subscription.
It sets appropriate expectations and stops excess cash being held by the registrar
I got greedy. I had an order in at 42 cents during the crash and the market looked like it would drop more so I dropped to 37 cents and missed out. Ended up buying later in the 60s and 70s. Still cheap but I cost myself because I got stubborn about buying at the higher price. Coulda shoulda woulda. That’s life. I still did well out of the crash!
9.36% from the SPP! Need the funds now to top up!
Yeah, all those who wanted to purchase the full 50k in the SPP now have a chance to load up bigly. I assume by the time refunded amounts come back to shareholders there will be a little surge or buying?!