Ann: Renounceable Issue, page-146

Anyone who bought before the ex date (ex date is 4th april) will meet this criteria - so nothing seems out of place???

When you said this you were correct:

"You are confusing yourself. Yes, if you bought on 1/4, T+2 means you will be on the company record (provided you settle the payment) as of 7.00pm 5/4, and you are entitled for the rights. Anyone who bought yesterday (4/4) are not entitle for the offer because as of 5/4 they are still not registered on the company's record due to T+2. Hence, whether the SP tanked yesterday didn't matter to holders that are going to participate in the offer. In fact you should not say it tanked yesterday because the SP after the close of offer will be thereabouts."

When you said this you were incorrect:

"When you buy a share, it's call trading/transaction (T day). You have two business days (exclude weekend and public holidays) to decide if you want to keep it. Within this two days, you haven't paid a cent for it. So, you don't "own" the share. You "own" the share and become the shareholder of the company only after you settle the payment on T+2 days. If you sell within the T+2 days, some call it a "contra" where you either pay for the losses or you get paid for the gain after minus the brokerage on the settlement date."