Dr.T, just making a few points (some repeat) based on my thoughts and experience trying to participate in the SPP which may be shared by others. The ask is to give at least 2-3 weeks time before closing the SPP or scaling back people who has transferred late according to Race but within the closing date.
- After selling other shares the money comes to the brokerage after T+2 days - Next transfer the funds to the linked bank account, another days - Transfer from that account to another bank to invest via a linked SMSF account, 2 days - In the mean time I have booked an appointment with my financial advisor (as suggested by the SPP booklet) for next week (earliest available appointment) - To receive advice, deliberate and execute plan, 2 days
That’s roughly 2 weeks from the SPP announcement on Tuesday.
Others may be re-financing their properties, taking personal loans, trying to convince a family member/ friend to loan them funds (and they in turn may have to sell stuff or arrange for finance), or sell overseas investments which may take longer etc.,.
I don’t intend for the above to be accurate or complete but just painting a quick picture for you, not that you would expect people to have $30K lying around.
I hope Race considers the time it takes to arrange funds even for the most loyal LTSH. The ask is to kindly keep the SPP open and grant the highest possible number of shares to investors as we are moving mountains to participate and also buy on open market beyond the SPP limit. Thank you.
RAC Price at posting:
$3.30 Sentiment: Buy Disclosure: Held
