2. 8349 shareholders as at 31.12.19 (Annual Report). Say that more people became shareholders over the last 8 months due to the excitement generated in the BNPL sector and say only 8,000 applied. That means $1,250 for each shareholder. That's half the minimum amount.
3. There may be some loss of numbers because some people changed address and don't know how to apply, late mail, overseas holders ineligible, some don't bother, some cannot afford it or whatever the reason. Now that means there could be 5,000 apply and that works out to be $2,000 worth. Still below the minimum.
4. THIS IS THE IMPORTANT PART...See 10.2 of the booklet. 'If Splitit elects to scale back the number of SPP Shares to be issued under the SPP Offer, the scale back may not necessarily be on a pro rata basis. Splitit may decide to allocate a minimum amount to all applicants, which may be less than the minimum amount Eligible Shareholders would be entitled to subscribe for under the SPP or less than the parcel of SPP Shares for which you have applied. In implementing any scale back, Splitit will ensure that smaller Shareholders can obtain a meaningful allocation which may be more than their pro rata allocation.'
5. The issue is not underwritten meaning they expect the shares to fly off the shelf. Thus only the 2% handling /management fee to Canaccord their broker.
Conclusion: Get you paperwork or electronic application in whatever time frame suits you. Expect to get a small allocation.
Watch This Space.
SPT Price at posting:
$1.46 Sentiment: Buy Disclosure: Held
