To be fair, if you’ve chosen to use a custodian account as opposed to a CHESS account for your holdings, that’s the price you pay. There are plenty of superannuation “choiceplus” style accounts that completely exclude spp participation, so always something to take into consideration when choosing a broker.
The company have clearly stated “first come first served” on a number of occasions so it won’t be a great look if they back flip now….there will be some very unhappy campers I’d imagine as it would end with a very large amount of holders getting a very small amount of shares. All we know is they hit the initial $2,000,000 target on the first day at an absolute minimum, so I’m guessing it was open for a couple of hours on the first day(???), therefore ample time for those that were serious. What we don’t know is how much they received, could’ve been $2,000,001, could’ve been $10,000,000 or more. I think they’ll stick to their word with the first in first served in that those in on the first day will be treated equally (as opposed to the timestamp thingo some are talking about). The thing is, i don’t think they were expecting such a flood of applications and they definitely weren’t expecting the technical gremlins that happened. Therefore i think they’ll treat all of Mondays applications, as a whole, as being the “first in”, these alone may all need to be scaled back dependent on IF they received over $3,000,000, personally I wouldn’t be surprised if they received well over that amount just on day one, under subscription was never going to be a problem.
Be good to see this closed off asap and get those funds back into the market….and get these announcements rolling in, it’ll be May before we know it and the uptake of this spp is a very encouraging sign of the support the company has going forward. Perhaps they’ll consider a R.I. for any future raise….
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