I rang yesterday. The receptionist knew nothing. And she is a B option applicant. She put me through to Anna. Anna had just landed in Sydney and could not talk too much.
She said that they had not received the ticker symbol yet. And the board had to decide on shortfall allocation. There was also some delay re the Bpay payments and time was given for that to be sorted.
I am concerned re the shortfall allocation. IE if there are 200,000,000 B options and 150,000,000 are rightfully applied for, there is a 50,000.000 shortfall. This does not go to the underwriters IE the board members. This will not pass any sniff test and if any negotiations are underway or proposed means that the board will have knowledge of those negotiations. Puts them in a precarious position. If all or part of the shortfall is applied for, then it must be divided proportionately between those that applied for the shortfall. IE If all shortfall is applied for, or oversubscribed, then it must first be distributed evenly pro-rata to those applying. IE one shortfall option per 3 rightful option. Then the excess shortfall is to be addressed. This maybe 10,000,000. This remainder has to be addressed fairly.
The formula for addressing the shortfall should have been stated in the prospectus, and not just "left to the board's discretion".
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