I purchased 200k Rights back in May and used the Commsec process to exercise them. In short, Commsec will tell you that when you buy Rights they will automatically debit your account for the Rights Exercise costs (noted on your Contract as Application Money) at the same time as they debit you for the Rights themselves. They will then immediately forward your Application Money, along with the completed Appendix E to the registry to exercise your Rights.
I have spent the last week in a battle with Commsec and Computershare, trying to find out where my $20k is and whether I have actually had this portion of my Rights exercised. To date, Commsec keeps telling me that they have sent the money and the paperwork off to Computershare (weeks ago), but that I need to contact Computershare to be provided with evidence of the money being received.
Computershare have so far been able to confirm the correct total number of Rights that I own (original entitlement plus on-market purchases) but can't provide me with any evidence that the $20k has been received from Commsec. By the way, Commsec debited this money on 7 May, which wouldn't have been so bad had the original Rights timeline been adhered to but now I will end up having that money out of circulation (and without a vote at the AGM) for almost 2 months.
So, as a word of warning given that you are buying these Rights with only 8 days until the Payment is due, stay on top of both Commsec and Computershare to make sure you don't end up missing out. I certainly will be.
Cheers
Badfish
p.s. I see we just hit 11c - whooooosh as Goblin would have said.
CTP Price at posting:
10.5¢ Sentiment: Buy Disclosure: Held
