spp debacle

Think it is fairly clear that the SPP as far as Focus shareholders go is an absolute debacle and the Board needs to be made quite aware, and perhaps penalised, for the situation they have created.

I, along with many other posters to this forum, contacted Focus mid week to point out potential problems with the first-in-first served method of share allocation.

It seems that we all got the same standard response along the lines of "to ensure the Company the certainty of achieving the SPP objectives it has been decided that a first in first served basis should/will encourage early participation by shareholders" (direct quote from Focus email to me).

To further fob off concerned shareholders, many were told that the Company had ASX and ASIC approval for the first-in-first served allocation.

It appears that this is quite true, but what they failed/forgot to state is that the Company had "conditional" approval for such allocation.

While I have not as yet got the applicable conditions, if they follow standard practice the following at least will have to be met:
1. All eligible shareholders must receive written details of the SPP including provision of the Offer and Acceptance documentation.
2. The commencement of the Offer will be at a time that permits receipt by all eligible shareholders of the SPP documentation.

Needless to say, at the time of this posting the majority of eligible shareholders have received no documentation with the Offer already commenced (and now probably oversubscribed).

While I am going to separately continue to take Focus to task over this SPP allotment issue, it is important that if you are an eligible shareholder (even a kiwi) who has not received the full SPP documentation (especially the Acceptance Form) you immediately email Focus Minerals ( [email protected] ) pointing out your non receipt.

With sufficient complaints about non receipt of the SPP documentation, Focus should by its own merits take some action, or be subsequently forced to take some action.

If shareholders take no action, then expect the same thing to happen next time.

By the way, I got in fairly early so will probably get my allotment, however I know of many long term eligible shareholders who are going to miss out because they still do not have the documentation.

Will also be taking up with Focus, the ineptness of Computershare in handling enquiries and providing the electronic documentation on time.