Are these guys serious re the T's & C's for conversion of KDRO? I do get that they're not usual ASX-style options and that they're NOT CONVERTIBLE AT ANY TIME prior to expiry but can they really only be converted between 9am and 5pm on 30 April 18 (only!).
Surely you could make payment and submit it with the conversion form (or make BPay payment) prior to this date and then the options be converted after the expiry date? But according to the 5th term (see below) you would need to physically walk into registry office in Sydney with form and cheque (cash?) on the exact day between 9 and 5. Bad luck if you're sick or overseas that day - bye bye capital!
I currently hold KDR but am thinking of buying some KDRO but concerned about the terms ...
5.2Terms and Conditions of New Options
The terms and conditions of the New Options are as follows:
** The New Options are exercisable at any time between 9.00am and 5.00pm (AEST) on the Option Expiry date, being 30 April 2018.
* Shareholders should note that the New Options are only exercisable on the Option Expiry Date and may not be exercised at any other time.
* Any New Options not exercised on the Option Expiry Date will automatically lapse.
* Each New Option entities the holder to subscribe for one Share upon payment of 15 cents per New Option.
* The New Options may be exercisable wholly or in part by completing an application form for Shares delivered to the Company’s Share Registry, accompanied by payment of 15 cents per New Option and received by it any time between 9.00 am and 5.00pm (AEST) on the Option Expiry date.
KDR Price at posting:
67.5¢ Sentiment: None Disclosure: Held
