If you are prepared to look at the details of Recce's initial IPO as of 25 November 2015 they were oversubscribed. However, due to potential litigation regarding patent infringements a Supplementary Prospectus was issued. Within that Supplementary Prospectus (copy available from Recce's website under ASX announcements dated 25 Nov. 2015) you will see that Recce had to offer any applicant for Recce's shares the chance to change their mind and be refunded their application funds. Accordingly the closure of the IPO was extended.
On the point of when Recce issued the IPO shares. On 26 February 2016 Recce issued their Appendix 4D and Half Year Financial Statements as at 31 December 2015. If you look at Note 6(d) of the Financial Statements you will see that 25 million shares were issued i.e. the result of the IPO $5 million at 20 cents.This document is available on Recce's website.
Hard facts all readily available if you care to look.
The devil is in the detail. Obviously something you are not good at.
RCE Price at posting:
29.0¢ Sentiment: None Disclosure: Held
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