Well that alleged right of recourse beyond par seems to contradict the terms of a Contributing (i.e. partly paid) share as described by BrisConnect's own share registrar Link Market services which clearly describes a right to simply forfeit such holdings. Could it be argued that anyone buying on the ASX post float should be able to rely on the description of his class of share given by the Company's registrar, rather than having to cross check the original prospectus?
Quote from Link:
Contributing Shares Shares on which only part of their par value (formerly the share premium) has been paid. For example shares may be issued with a par value of $1.00, of which only 50 cents has been paid, with a further 50 cents still owing. At the call date, the Investors of no liability companies can forfeit their shares instead of paying the call. Also known as Partly Paid Shares.
Contributing shares are similar to partly paid shares, with the exception that a date for the payment of the call date has not been set by the Issuer.
Unquote
TOL Price at posting:
$6.64 Sentiment: None Disclosure: Not Held
