SPP Harvester by OnMarket

Originally posted by Ct2020: ↑

Thing Commsec is 0.12% not 0.012% at 30k but yes $36 ONCE.

IB is a relevant pricing item to mention as they are getting you to trade through there platform which for retail is 0.08% with a min of $6 per trade so $24 on each.

Its quite bold to sight in docs that they do cheaply by getting bulk but doing yourself retail through same provider $24 not $30.

https://www.onmarket.com.au/help-faq/spp-harvester/what-is-the-brokerage-on-spp-shares-sold/

What is the brokerage on SPP shares sold?

All SPP Harvester trades incur a brokerage, or commission, fee. Once the shares have been allocated to your account, SPP Harvester will automatically sell all of your shares in the stock, bar one. The brokerage (or commission) on this sell down is the lesser of:$30 plus 0.4% of sale proceeds, plus any exchange and clearing fees; and 1.28% of sale proceeds. The brokerage (commission) on the sell-down can be seen in the activity statement, found via the Client Portal under Reports > Activity Statement. Please note that a reference to brokerage (commission) can also be seen under “Orders & trades”. This refers to the estimated brokerage of orders at the time of the orders are entered, and the final brokerage (displayed on the Activity Statement) may change slightly from the estimated brokerage shown on the Orders and Trades tab.

$30 + 0.4% ($120) is that min $150 per 30k sold?

Looks like 1.28% is cheaper where SPP sell off is $3409 or less, the brokerage at that rate then is $43.63 down to whatever 1.28% of a single share if SPP oversubscribe results in a single extra share and a big refund?

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Yes that fee is correct.
GST is also on top of that.

The explanation I got for the high fees is that it pays for the algorithm that allows them to sell the high volume of SPP shares ASAP without crashing the share price.
Do it yourself & you're selling peanuts in terms of volume straight away with no impact.

I mentioned Superhero & was told that their Corporate Action function doesn't operate efficiently, so you'll have to report back to see how true that is.

This may also interest you.
'
We have a watching brief on the relationship between RobinHood and Superhero …..noting the $USD65m fine by the SEC regarding misleading customers'

The proof's in the pudding, if only you knew what share next would have a SPP you could try it out without all the time & effort of setting it all up.

Personally I'm very happy using Commsec's platform & so have no interest in a low cost provider, I'd only consider adding Superhero or similar to do a SPP,