Was intially a smart move, but completely took it off themselves due to the extension of the SPP.
Interest gained from the GC, but completely lost the desired effect:
The SP was up, the CR was initiated at 4c, but immediately reduced from 4c to 3.6c (why??)...just devaluating their own product. Brexit can't be used as the excuse for the reduction as the price was what it was before Brexit occurred, but the decision was made to reduce it to the max 20% possible reduction level (why?)
CR was quickly smashed by sophs - perfect. The quick uptake shows it did not need to be reduced to 3.6c.
Quick money in the door, move onwards and upwards...
But then the SPP was initiated...(why now? why not wait until the SP was pushed up again by the CR and new buyers?)
PIO now been in virtual standstill for 2 weeks, going on 3 weeks due to the SPP & subsequent extension.
But then the SPP was extended...(why??)
The Ann said PIO were "pleased to advise" the extension..."to give holders more time to consider their position"...
There was a closing date on the intial offer. It said first come first served....there should not have been any need for an extension if SH were showing an "extremely positive" response to the SPP.
If this were the case, it should have been sold out ASAP. It would have taken 166 SH at $15,000 each to fulfill the requirement.
If more SH paid less per head, it still shouldn't have taken more than say 500 - 1000 SH to complete the SP within that 2 week period.
Aust Post - yes, this new system is a debacle, but there is no excuse for SH in NZ & QLD to get their forms before SH in Perth, and for PIO to have to re-issue forms. There must have been a serious administrative error for that to happen (I used to live in WA, now in QLD and I know the difference in the time it takes for mail to arrive to/from and within each location).
In today's e-society, how come an e-form could not be emailed to each SH ref on it? They want to be paid by Bpay - so why not make it easy on SH and send the paperwork electronically as well as collect the funds electronically.
To prevent the negative assumptions that have came out from all this, the SPP should either have been closed, or the Extension Ann should have manned up and outlined the real reason for the delay (noting the possibility that some SH may not have yet received their paperwork), and not blur over the lines.
Again, if interest was so great, there was no reason the SPP couldn't have been taken up in the 2 week period, even with slow mail.
In the meantime, squabbles continue to occur and escalate on HC. I have been reading in the background for months now, and is really hard to read. It has been turning tit-for-tat and is really quite embarrassing to see grown men squabble.
I have expanded my reading to other stock sites and have seen how grown men can discuss stocks without the keyboard warrior insults and innuendo that the PIO thread has spiraled into.
Bas & James - I appreciate your posts. They may not be what people want to hear, however as an investor, I completely appreciate hearing different opinions and ways of seeing things. I agree with many of your points raised, and I disagree with others.
Same with the PIObulls - it has been great to see the enthusiasm for the stock and future movement, and appreciate the research and information being posted, encouraging myself to carry out my own research and taking ideas further to see where they are headed, but please turn down the defensiveness when alternate ideas are raised.
Investing is objective, not subjective. Stop the squabbling, we are all in this to make money (LT or DT) and we can all learn a little from one another and we can all be happy little pigs in the near future. Common goal.
Just a shame I didn't put my money in PSC during this 3 week SPP hiatus/hiccup - their curve is exactly where I thought PIO was headed, and still could do with Mavis, Raleigh and ACRA.
Hopefully we will hear something on ACRA soon - about time.
Good luck to all, and please play nice.
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