Updated T's and C's just sent from OnMarket
We have updated the SPP Harvester Terms & Conditions and the accompanying booklet.Section 3.2 of the Offer Booklet now discloses actual realised gross profits from SPP Harvester since inception (rather than historical discounts of SPPs).
The key amendments to the terms and conditions:
- Clause 2.1(e) – where an SPP does not contain a price-fall protection clause, SPP Harvester will not apply for at-the-money SPPs (only in-the-money SPPs)
- Clause 2.1(l) – clarifies that the Manager will commence selling SPP securities on the day after those securities appear in the clearing broker’s advisor portal (which may be the day after they appear in the investor portal) and, except where clients only receive nominal allocations, that SPP Harvester will sell all securities in each company that undertakes an SPP, and repurchase one security after all SPP securities have been sold, rather than retain one security.
- Clause 4.7 describes various concessions that the Manager has provided to all early adopters that maintain a balance of $4,999
- The High-Water mark example has been updated to reflect the minimum $15,000 investment in SPP Harvester
- Clause 6(a)(iii) translates the timing of sales that has been clarified in clause 2.1(l) into the Manager’s indemnity
- The definition of Proportional SPP Application Amount – the amounts applied for in each SPP - has been clarified
- Clause 5.1(e)(iii) – confirms that, if a Member breaches the requirement to maintain a cash balance of $4,999, and as a result the clearing broker automatically sells some of the Member’s SPP300 portfolio, OnMarket will not be liable for any brokerage, costs or losses or missed opportunities associated with repurchase of such securities, or delay or failure to repurchase such securities.
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