Received letter from Aus Super. Outlines the background to the SPP, the free attaching options and repeated their mantra that we can't trade in options and derivatives. Said they will not permit future SPP from any company that includes options and they are updating their member T&C to make this clear.
No admission of fault, no explanation why they failed to consult with members, no acknowledgement of immediate financial loss due to the fire sale of options by their broker. Said their intent was to realize cash from the sale of options and to get this money to affected members ASAP.
I guess they thought they might be able to limit damages by acknowledging there was a problem, their "swift action to benefit members" and how they are preventing recurrence.
IMU Price at posting:
7.1¢ Sentiment: Buy Disclosure: Held
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