a call to arms re spp

The SPP outcome is pathetic on a number of counts:
- they should have had a scale-back policy in place at the outset.
- having no scale-back policy at the outset, the only information shareholders could go on was the previous SPP in 2009 which allocated on the basis of holdings PLUS application amount.
- shareholders should have been advised to apply based on their holdings - so that regular shareholders would not have thought it was worth their while stumping up 15k
- there should have been an allotment (say 1 in 12 or 1 in 10). If shareholders had an allotment what is lost? It can't be that hard. Other companies do it all the time.
- Shareholders have the right to complain when the rules are not known, but the fact that they can apply for up to 15k suggests that they can, and have a reasonable expectation of an acceptable outcome
- Any SPP where holders could have earned more on the interest on the 15K than on the shares (despite a 35% 'stag' profit on the shares) is not a good outcome!

I think QBE was lazy and hadn't thought it through. As a gesture they should refund application funds with the interest they received on the many millions held.

I will be lodging a formal complaint with them.