' In light of this strong demand, the HUB24 Board has elected to accept a portion of the oversubscribed amount above its original target which was set at $10 million and accept valid applications to participate in the SPP to raise a total amount of $20 million, with a scaling back applied in excess of this amount. As foreshadowed in HUB24’s earlier announcements, the scale back will be applied having regard to the pro rata shareholding of eligible shareholders (as at 7.00pm Tuesday, 27 October 2020 Sydney time) who applied for Shares under the SPP, subject to a minimum allocation of 50 (being $1,000 worth of Shares). Eligible shareholders who applied for the minimum $1,000 of Shares will not be subject to any scale back.'
If this becomes the norm it will be the death of this product.
On $1,000 of shares there will be a marginal profit probably around $40. In this case making a full $30k application was not the best option.
