I'd say your working theory is correct. It's all to do with ASX settlement rules and timelines. Remember, the ASX operates on a T+2 settlement basis. Therefore, the ex date was 28 August, + 2 business days for settlement of POS FPO transactions up and until the ex-date, the entitlements can then be determined without any doubt at all and will be formally recorded against the shareholders account.
posrx, page-25
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