Ann: Renounceable Rights Issue - Notices to Shareholders, page-4

I was expecting to see my rights holdings appear in my online broker's trading platform today, being the start of the rights trading window. They were not there.

I rang my online broker, who checked and then referred me to Computershare. The operator double-checked that I was CHESS sponsored (no problems there) and then told me that the rights holdings will not be released by Computershare until 31 August (i.e. the Opening Date of Offer) and that I should expect to see my POSR holdings appear in my online holdings then.

On reflection this makes sense because the Record Date is not until tomorrow (29 Aug). This is the date on which Computershare queries the register to determine who is entitled to the rights. And then a two-day lag until the rights are eventually released on Friday 31 Aug (the Opening Date).

My questions:
1) Is everyone else experiencing the same thing? It would be nice to hear some anecdotal evidence from others to confirm what the Computershare staffer told me.

2) I wonder what the point is of having a Rights Start Trading Date that occurs before Computershare actually releases the rights? I don't really understand the point of having the trading window open before it can really be used.

If nothing else, it probably explains why there a no genuine offers of the sell side.

PS. Big lols on the sell offer currently sitting in the POSR queue for 4.9c. Looks like some placed their order using the wrong ticker code (i.e. POSR instead of POS)!