So that would be Aesir receiving interest from the bank that the...

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makattack

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01/02/18

10:15

Post #: 30728305
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Originally posted by Distressed Player ↑

I have an potential answer here for you.

Aesir took the subscription monies directly into their trust account and when all the new GSW shares were issued by the registry to FIL etc they released the trust funds to GSW.

Check out the date of FIL's Form 603 (lodged with ASX 27 December) it's dated 22 December. This is consistent with compliance requirements having to lodge with ASX within 5 business days of the date of change (of > 5.0%).

22 or 23 December Aesir should have transferred the FIL funds to GSW but due to the weekend, Xmas and Boxing Day they were only transferred 27 December to GSW.

It is not uncommon for brokers to have a clause in their engagement letters that while subscription funds sit in their account prior to issuance of the new placement shares the broker gets to keep the interest !

In these circumstances , particularly when very large sums of money are involved brokers tend to never mind if there is a delay in settlement as they are receiving the interest (that otherwise would go to the company) in the interim.

Computershare runs in the same way when they accept monies in trust.

Generally a nice little earner for those that can get their snouts in the trough in this respect !!!

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So that would be Aesir receiving interest from the bank that the funds were sitting in? Or are you saying somehow GSW had to pay Aesir for an interest payment? I still don't quite understand how this creates a negative interest balance for GSW.

GSW Price at posting: $2.92 Sentiment: None Disclosure: Not Held
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