Hi all
Aus Super IMUOE Class ActionNew thread, I know, I know.
As some of you may be aware, the recent SPP was completed and free attaching options were included on a 1:1 basis.
Holders who participated in the SPP using their Member Direct Investment account with Australian Super have had their options sold by Aus Super on market without notice or member permission. Let me repeat that, Aus Super have taken our options and sold them on market without us submitting a trade request within a 'self manage' platform that they offer.
i have heard from one member that Aus Super sold the options because they are complex instruments and they don't deal with them.
The issue here is that Aus Super did this without informing us and asking what we wanted to do about it.
They could have made an in specie transfer of the options to another super fund assuming the impacted member has one, or they could have sought instruction from us to exercise the options at the conversion price.
I believe it is a clear breach of fiduciary duty to Aus Super members. It is not unheard of that companies will reward shareholders with free options. They have to have a sensible policy to maximise members account values, especially if they're giving us a platform with which to selectively invest in ASX 300 shares.
In my opinion, they can't justify their actions without giving notice of their intention and allowing us time to consider and take alternative action with respect to the options.
I participated with $5K in the SPP. My initial concern is that they sold my options for $1.3K, the transaction settled on the 8th. Close of market on the 9th, those options were worth $4.2K. That's $2.9K value lost in one day. Those that took up a $30K placement lost out on $17.8K value in that same time period. The overall value lost is dependent on the number of members impacted, but I would hazard a guess given the recent price increases, we're into the multiple hundreds of thousands or even millions of value lost already on a combined basis and it hasn't even been a week.
That's my initial concern..
My main concern is what happens if IMU does what were all hoping and manages to pull it off and get a SOC treatment commercialised. We're set to lose 10s, if not 100s of millions. If
@Taureanbull is right about a trillion dollar market cap, we lose 10s of billions in combined value.
I've created a Google document for the purpose of collating information from holders. Initially, I want to gauge how many holders in these threads are Aus Super members that have been impacted. From there, if there's enough appetite, I would be interested in looking at taking things further.
The document includes some calculations etc so feel free read the instructions and then play with the file. You will pretty quickly see why we should consider taking action. The all in cost for each option is 17.4c (5.6 placement price + 11.8 exercise price). The key take away to consider is where do you think IMU's share price will be by 31 August 2026 (option expiration date). If you think the price will be well above 17.8c then your options being sold by Aus Super for circa 1.1c is a poor outcome for your superannuation balance.
What happens if there's a liquidity event?
What happens if one of our products gets sold and a dividend is paid?
In either of those two scenarios, the options have SIGNIFICANTLY more value than the 1.1c they were flogged as well as their all in price of 17.8c.
My initial thoughts are that Aus Super should buy our options on market and replace them, it'll cost them a bit given the price has risen substantially (4x or so at the moment), but my bet is it's a hell of a lot less than what they'd need to pay if they were paying for the lost value based on the share price immediately before the expiration date in August 2026.
Hopefully the document is clear and concise, but for the sake of clarity, please don't post your information here.
Please email through to the email within the enclosed instructions. I promise to maintain all information confidentially. (The email is a throwaway account by the way, I am not Natalie Sampson).
Additionally, please note, this is ONLY FOR AUS SUPER CUSTOMERS.
If I received enough interest I will potentially share some overall details here such as the total number of options between us (I will speak with a friend that is a lawyer beforehand just to be safe). 7 people is the key for a class action as an FYI so if we can't get to 7 then it's off the table entirely. I have 2 so far including myself and my brother.
Cheers all, hopefully we can get our options back at a minimum!
(20min delay)