I used a different bank account to BPay my payment. On Wednesday my refund of the appropriate amount was in the account where my dividends go, as expected.
The most annoying thing of this capital raise is that there was no need for an institutional raising. FLT raised $180 million from institutions at the start and aimed to raise $40 million from existing shareholders. Given that existing holders stumped up $350 million in an attempt to raise their holdings, why was there an institutional raising?
These institutions were given the opportunity to buy a significant number of shares in our company that we existing holders were not entitled to.
I guess it would be the fear of being undersubscribed by existing holders that makes them do it. The little guys never wins.
FLT Price at posting:
$17.54 Sentiment: Hold Disclosure: Held
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