Ann: Proposed issue of securities - FLT, page-40

for those thinking about making the arbitrage between current SP and the SPP at $14.60: Although the potential max buy-in is $30k, this will highly likely be unsucessful as the SPP will be potentially be over-subscribed and be scaled back!! Someone educate if I'm missing something:

There is approx 110,000 shareholders based on most latest annual report.
SPP intends to raise up to $40M.
If the SPP has a minimum buy-in of $2000 - and everyone goes in - that'd be $220M already. Even if 1 in 4 participate, that's still $55M. And FLT plans to raise up to $40m only..!
No point trying to sell your holdings and try to raise $30K to go in on SPP. I will HODL and participate for atleast the minimums when more details are given!

2023 should defs pick up the pace even if FLT is lagging a bit behind compared to other travel companies. China big tourism groups are finally slowly starting to open - 20 countries from this month, and more to follow suit hopefully!