I also rang the company (John Osborne ?) and downloaded my letter of entitlement. I got my acceptance in on time but still have not seen the paper copy in the mail.
Also, it was an unnaturally short acceptance period from the supposed mail out until you had to pay for your shares, i.e. about ten days max from memory to find, in my case, 142857 X 72.5 cents or $103,571.
This is also a very strange entitlement formula to use. One share entitlement for every 2.8 held. Mostly cap raises use 1:5, 1:10, $15,000 worth. etc. Most people don't have a lazy $103,000 lying about to take advantage of such an offer. As it happened I scraped up $72,500 for 100,000 by selling off some other shares and ducking and weaving a bit but this whole exercise struck me as rather unusual.
Given a more realistic time frame I would probably have filled my entitlement. You'd think that if the Company really needed the money they'd be more flexible and pragmatic about facilitating shareholders into doing the business.
Anyway, beats me.
Donos
PGC Price at posting:
73.5¢ Sentiment: Buy Disclosure: Held
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