Question about applying & receiving shares in a SPP
Are companies allowed to pick and choose which shareholders they give shares to in a SPP? Are they allowed to allocate a shareholder zero shares while allocating other share holders 100% of what they applied for? Is this even legal & is there someone we can complain to?
I ended up getting no shares in a recent SPP when I BPay funds nearly 2 weeks before the closing deadline, applying for the maximum amount of shares allowed which included a big amount of shortfall shares? I got absolutely no shares issued and all money refunded. Others on HC seemed to have gotten 100% of what they applied for, or scaled back if they applied for a lot of shortfall shares.
How can a company pick and choose who they give SPP shares to while giving other shareholders zero shares?
