posrx, page-28

I think you might be getting your timelines a bit confused and also missing the larger point of the discussion:
- In this situation the T+2 settlement clock is relevant from the (unpublished) cum-rights date, not the ex-rights date.
- The ex-rights date was Tues 28/08, meaning the cum-rights date was Mon 27/08 (i.e. the previous trading day).
- Anyone who purchased POS FPOs on Mon 27/08 (i.e. the final day that FPOs also included the rights Entitlements) will settle today (Wed 29/08), being T+2. This is also the Record Date for determining Entitlements, which is no co-incidence.

The point being made by other posters does not directly relate to the cum-date, ex-date, or even Record Date. It's specifically about the fact that trading for the rights Entitlements commenced yesterday, Tues 28/08 (as published), but not everyone is able to participate. Interestingly, this trading rights window opened before the Record Date. When I queried Computershare yesterday morning they said that the rights Entitlements will be issued on Friday (31/08) - two days after the Record Date. No problems there. But why has the ASX opened the rights trading window before Entitlements have been actually issued? Why are a handful of rights holders able to sell right now, ahead of everyone else? Given Computershare's earlier response, I'm actually quite surprised that anyone can trade their rights right now (i.e. before Friday).

If you completely remove yesterday's start of rights trading from this equation, then the timeline makes perfect sense, being:
- Mon 27/08 cum-rights trading ends.
- Wed 29/08 (T+2) settlement date of the last of the cum-rights trades and also the Record Date to determine Entitlements.
- Fri 31/08 Opening Date of Offer, whereby Computershare issues all Entitlements.

The rights Entitlement trading window should only open when all participants in the market have equal access to their rights, giving them the ability to trade them if they choose to. This is keeping with the principles of conducting an orderly market, which is the ASX's responsibility. My working thesis is that a few clients of "smart" brokers have been allowed to trade on a preemptive basis. Everyone else must wait until their Entitlements have actually been issued.

I don't think Computershare is the problem here. They the share registry manager and the timelines (sequencing) it is working to are appropriate. The ASX, however, is the market operator and one wonders why they have allowed this situation to occur.