I wonder if they apply this rule to Bell Potter too
In any instance, they need every cent they can get. I think they've just said that to scare people, as they need every cent and need to ensure the share price remains above $0.38..
I can't imagine that they go through applications, on a case by case basis, to see if they've sold. If I was denied on this grounds, would consider action to ASIC against them to ensure:
- They have applied the rule consistently and equitably. Importantly that Bell Potter were also not allowed to sell to fund their SPP
- The rules applied were documented (I.e. what time period, what value).
This being said, my prediction is that they won't trigger this, and will take every cent that they get, given that without a SC decision, next CR could be at $0.10 to $0.20
CR in Nov 23 $0.70
CR in July 24 $0.38
Next CR... do the math
(20min delay)